統合レポート2017

163-0566 1262 www.nomura-re-hd.co.jp/ 2017 Printed in Japan

1957 2017 2017 1

2 2017 2017 3

6 CEO www.nomura-re-hd.co.jp/ www.nomura-re-hd.co.jp/ir/ir_library/ annualreport.html www.nomura-re-hd.co.jp/company/ IR www.nomura-re-hd.co.jp/ir/ CSR www.nomura-re-hd.co.jp/csr/ 12 OUR VALUE MODEL 12 16 18 20 23 CFO 26 28 10 30 COO CSR 34 34 At a Glance 36 40 44 48 CRE 52 56 66 CEO COO MSCI ESG 70 70 74 82 MSCI IIRC 201732016420173 85 86 1 88 90 94 96 100 GRIGlobal Reporting Initiative 4.0 ISO26000 19 4 2017 2017 5

CEO 60 2017 195760 60 CEO 6 2017 2017 7

8 2017 510 10 CEO 2017 9 CEO 30 P.56 231981 150 PMO CEO

10 2017 REIT REIT REIT CRE PMO PLUS CEO 11 CEO CEO

OUR VALUE MODEL About Nomura Real Estate Holdings, Inc. 01 60 20173 5,696 OUR VALUE MODEL 197853 198863 19946 200214 201123 201729 201729 YBP A.CITY 20053 19829 3,000 1,000 195732 196136 196338 200820 200820 201022 PMO1 PMO NREG 200315 200618 20043 1957 1960 1970 1980 1990 2000 2010 2017 12 2017 2017 13

OUR VALUE MODEL About Nomura Real Estate Holdings, Inc. 01 3? 1 1 18 60 OUR VALUE MODEL 2 ZUTTOCITY JR 14 2017 2017 15

OUR VALUE MODEL About Nomura Real Estate Holdings, Inc. 02 OUR VALUE MODEL 1 2 3 P.34 CRE 16 2017 2017 17

野村不動産グループのあゆみ 価値創造モデル 野村不動産グループの特徴 OUR VALUE MODEL 経営戦略 03 About Nomura Real Estate Holdings, Inc. 野村不動産 グループの特徴 ムダのない高効率経営 環境変化に強い収益基盤 当社グループでは 事業ごとのリスクに応じて 保有 長期 事業と回転 短期 事業 ノンアセット事業の3つをバランスよく組み ることで 同業大手でトップクラスの高い資産効率を実現しています 合わせています これにより 市況変動などのリスクを極力抑えながら 安定的な収益を生み出しています 高い資産効率を備えた持続的収益成長 バランスのとれた事業 ポートフォリオ イメージ 業界トップクラスの資産効率 ROE 当社グループ 4.9% 10.1% A社 B社 C社 D社 E社 F社 4.5% 3.7% 3.9% 3.6% 3.1% 3.5% 6.7% 6.6% 10.9% 7.3% 6.4% 8.0% 保有 賃貸事業 利益成長のイメージ 全社 リターン ROA OUR VALUE MODEL 当社グループは 賃貸収入を獲得する保有事業と 売却収入を獲得する回転事業 ノンアセット事業をバランスよく組み合わせ 保有 回転 ノンアセット 資産運用 仲介 CRE 運営管理 前期実績より試算 回転 住宅分譲事業 ノンアセット 収益不動産開発事業 資産運用 仲介 CRE 運営管理 持続的な キャッシュ フロー創出 時間 住宅中心からバランスのとれた利益構成に進化 前中長期経営計画1年目 今中長期経営計画1年目 キャッシュ フロー 収入 と投資のイメージ 賃貸収入 保有 獲得 調達した資金を 投入 売却収入 回転 ビル 27% 12% 2013年3月期 51% 営業利益 マンション 手数料収入 36% 34% 2017年3月期 営業利益 772億円 583億円 40% 開発 保有 売却 分譲 開発 住宅 賃貸 ノンアセット 資産運用 仲介 CRE 運営管理 ノンアセット 資産運用 仲介 CRE 運営管理 18 野村不動産 ホールディングス 統合 レポート 2017 野村不動産 ホールディングス 統合 レポート 2017 19

OUR VALUE MODEL About Nomura Real Estate Holdings, Inc. 04 2025.3Creating Value through Change 3 1 30,000 15,000 1 2 3 OUR VALUE MODEL 1,800 1,200 1 850 2 1,100 2 3 3 1,500 16/3 17/3 19/3 22/3 25/3 2 3 9,500 11,000 12,000 32,500 9,000 10,000 11,000 30,000 500 1,000 1,000 2,500 95% 91% 92% 92% 4,000 6,000 8,000 18,000 1,500 3,000 4,000 8,500 2,500 3,000 4,000 9,500 38% 50% 50% 47% 5001,000 5001,000 5001,000 2,000 14,250 17,750 20,500 52,500 10,500 13,000 15,000 38,500 3,750 4,750 5,500 14,000 74% 73% 73% 73% 600 16/3 17/3 18/3 19/3 22/3 25/3 ROA % 5 ROE % 10 20173 1 2 3 277 300 400 440480 325 350 400 520560 220 235 350 400440 % 30 % 30 20 2017 2017 21

CFO OUR VALUE MODEL About Nomura Real Estate Holdings, Inc. 04 20203 No.1 4 36,000 9,000 1,000 2,500 CFOIR OUR VALUE MODEL REIT TOP1 REIT 561.5 REIT 1,800 J-REIT 2,000 J-REIT 20173 CRE 73 52 202231001,000 772 3 3 1201710 PPPPFI 10405,000 22 2017 2017 23

CFO CFO ROAROE % 12 9 10.1 10,000 7,500 8,101 160 120 6 3 13 ROE ROA 14 15 16 4.9 17 3 5,000 2,500 13 14 15 16 75 17 80 40 3 OUR VALUE MODEL % 6,000 40 4,813 % 80 40 70 30.2% 4,500 30.2 30 60 30.5 30 20173 IR 427 3,000 20 40 20 19947%CEO CFO 1,500 10 20 10 52018 3 13 14 15 16 17 3 14 15 16 17 18 3 30% 705 20173 ROEROA ROE10.1%ROA4.9% 30% 133 20173 CEO CFO 47% 294 20173 882 24 2017 2017 25

600,000 450,000 300,000 150,000 567,159 569,545 569,680 517,740 532,016 480,983 448,655 434,226 450,807 411,493 08 09 10 11 12 13 14 15 16 17 3 97.3 % 80 87.0 100 65.00 57.50 60 75 45.00 40.00 40 30.00 35.00 30.00 43.4 25.00 25.00 25.00 50 20 27.1 29.5 24.9 22.4 23.3 26.5 25 12.7 08 09 10 11 12 13 14 15 16 17 3 OUR VALUE MODEL ROA* 1 7.9 % 100,000 8 80,912 74,307 77,271 69,821 71,894 75,000 6 58,308 5.8 5.4 5.6 49,939 4.9 39,274 42,083 4.6 50,000 4 34,012 3.7 2.8 2.9 2.5 25,000 2 08 09 10 11 12 13 14 15 16 17 3 ROA 10,000 8,169 7,780 8,101 7,596 7,585 7,219 7,500 6,692 149 143 6,175 6,167 135 125 5,000 4,080 96 100 88 72 78 75 2,500 08 09 10 11 12 13 14 15 16 17 200 150 100 50 3 ROE* 2 % 47,182 47,005 50,000 20 37,500 25,000 12,500 15.8 35,254 5.9 13,770 4,660 5,471 17,591 5.7 19,357 1.7 1.8 08 09 10 11 12 13 14 15 16 17 ROE 5.9 26,844 7.8 38,441 10.3 11.2 10.1 15 10 5 3 * 3 kl 80 74 69 65 0.072 0.069 60 0.067 0.058 0.057 0.053 36 34 35 0.044 0.047 0.045 40 31 31 29 20 09 10 11 12 13 14 15 16 17 klm 2 0.100 0.075 0.050 0.025 3 CO2* 4 15,930 % 14,743 14,854 16,000 13,855 14,054 14,026 40 13,699 13,138 13,692 t-co2 160 131 130 133 t-co2m 2 0.200 12,000 8,000 4,000 26.1 8,917 2,327 17.0 2,359 21.4 3,014 20.7 3,045 22.6 3,170 24.5 3,362 27.1 3,556 28.8 3,940 29.9 4,448 30.2 4,813 30 20 10 120 80 40 0.115 57 0.107 53 0.102 52 0.088 47 0.086 47 0.081 44 0.089 0.089 0.081 0.150 0.100 0.050 08 09 10 11 12 13 14 15 16 17 3 CO2 09 10 11 12 13 14 15 16 17 3 *1. ROA *2. ROE 26 2017 *3. 2014350,000m 2 720153 14320163 14220173181 *4. CO2 2017 27

10 10 08/3 09/3 10/3 11/3 12/3 13/3 14/3 411,493 448,655 434,226 480,983 450,807 517,740 532,016 15/3 16/3 17/3 18/3 567,159 569,545 569,680 646,000 * 5 130,391 100,763 105,576 107,222 114,910 134,571 159,335 162,051 177,973 177,241 69,821 34,012 39,274 42,083 49,939 58,308 74,307 60,291 23,702 23,967 26,149 34,173 45,806 64,058 35,254 13,770 4,660 5,471 17,591 19,357 26,844 7,639 108,030 19,266 33,947 43,876 89,295 83,535 13,347 141,788 24,571 33,730 7,809 2,588 20,191 8,790 295,507 13,098 7,485 63,296 94,666 57,858 * 1 18,174 56,662 26,796 37,570 14,098 18,963 21,938 71,894 80,912 77,271 76,000 63,681 72,679 68,952 67,000 38,441 47,182 47,005 44,000 23,837 13,258 31,889 32,476 59,714 54,558 8,983 53,637 76,575 38,871 50,367 61,300 17/3 5,696 15/3 16/3 17/3 359,397 334,514 329,787 OUR VALUE MODEL * 2 4,892 7,148 10,758 12,835 13,534 13,513 14,333 15,258 16,026 16,877 92,878 110,226 115,009 9,166 10,973 9,662 1 236.09 92.21 25.69 28.74 92.38 101.61 140.70 30.00 40.00 25.00 25.00 25.00 30.00 35.00 201.28 246.42 245.10 229.31 45.00 57.50 65.00 70.00 CRE 30,232 35,373 34,820 85,837 91,552 95,764 3,008 1,353 106 891,700 1,385,531 1,405,424 1,474,331 1,402,624 1,369,949 1,313,887 1,369,226 1,485,449 1,593,093 630,916 740,266 709,618 636,925 585,332 535,103 496,978 454,621 481,489 458,921 433,386 396,857 369,667 349,167 92,873 109,076 94,889 60,948 41,895 29,578 7,128 549,300 608,779 684,306 429,764 496,910 570,888 6,316 819 2,567 809 41 +8 13 7 +12 +1 +4 772 260,783 645,265 695,805 837,406 817,292 834,845 816,909 819,926 876,670 908,786 235,551 281,375 349,437 357,365 376,486 398,276 418,697 461,031 456,408 493,813 408,016 778,073 759,636 816,910 758,562 669,268 617,583 616,700 721,900 810,100 % 16/3 17/3 ROA* 3 7.9 2.5 2.8 2.9 3.7 4.6 5.8 ROE* 4 15.8 5.9 1.7 1.8 5.7 5.9 7.8 17.0 7.6 9.0 8.7 11.1 11.3 14.0 12.7 43.4 97.3 87.0 27.1 29.5 24.9 26.1 17.0 21.4 20.7 22.6 24.5 27.1 5.4 5.6 4.9 10.3 11.2 10.1 12.7 14.2 13.6 11.8 22.4 23.3 26.5 30.5 28.8 29.9 30.2 CRE 16/33REIT 16/3 4,347 4,998 5,195 5,300 5,399 5,581 5,747 6,029 6,233 6,457 *1. *2. *3. ROA *4. ROE *5. 20173 20163 28 2017 2017 29

COO CSR COO CSR 201741COO COO 20164 CSR CSR 20164CSR CSR CSR COO CSR CSR4 CSR CSR 30 2017 2017 31

COO CSR COO CSR 20 CSR DNA 2009 20174 DBJ Green Building BELS 15 CSR REIT REIT 32 2017 2017 33

3 16/ 3 17/ 3 15/ At a Glance At a Glance * 16.4% CRE 6.0% 20173 5,696 0.0% 56.4% 3,593 3,345 3,297 338 319 277 3,29720163471.4% 2774112.9% 4784,88539 682 1.7% 15/ 3 16/ 3 17/ 3 19.7% NREG NREG 928 1,102 1,150 244 317 325 1,15020163474.3% 32582.7% * 8.5% CRE 11.1% 7.3% 39.5% 20173 772 * 2100.0% 20173 20163 34 2017 0.0% 33.7% CRE & NF 15/ 3 16/ 3 17/ 3 109 91 96 15/ 3 16/ 3 17/ 3 353 348 302 15/ 3 16/ 3 17/ 3 957 915 858 15/ 3 16/ 3 17/ 3 15/ 3 16/ 3 17/ 3 73 60 48 15/ 3 16/ 3 17/ 3 99 84 91 15/ 3 16/ 3 17/ 3 69 57 56 15/ 3 16/ 3 17/ 3 96201631311.9% 60 1318.4%20163 REIT 3482016351.6% 91 77.8% 20163 95720163424.6%69 1221.9% 2017 35

2012 No.1 *1 36 2017 305 *2 SMART & GROWING* 3 No.1 *4 6,000 18 *5 *1. *2. 20161130 *3. www.proud-web.jp/will/psd/ *4. 20165232016 *5. 2017331 *6. www.nomura-re-cc.jp/nextpass/ *7. www.nomura-pt.co.jp/qcall/ NEXT PASS10* 6 Q* 7 2016 35,000 2016 7 2017 37 10 10,000 6,000 100,000 93,165 5,490 86,929 76,671 77,818 70,813 72,597 77,759 74,091 74,836 1,016 72,232 7,500 4,535 4,540 5,000 75,000 4,474 58,431 41,414 45,220 56,733 40,060 4,796 811 5,000 4,000 50,000 42,069 46,324 46,421 43,961 35,043 3,683 3,729 2,907 2,500 3,000 25,000 28,498 31,183 28,871 36,432 34,776 28,744 30,347 31,397 33,798 37,189 09 10 11 12 13 14 15 16 07 08 09 10 11 12 13 14 15 16 10 10 REINS REINS No.1 4

32025 33,000 ASEAN 2018320193 6,000 6,00020203 20183 20193 2,300 12.25% 2021/3 4,100 11.25% 2020/3 8,000 4,000 % 100 50 8,000 6,999 5,599 6,000 4,732 4,853 4,000 1,400 20.00% 2022/3 39 18 19 20 21 3 18 19 20 3 14 15 16 17 18 3 100 30% 34,6007,000 8,000 1,600334 ABINC* 1 JHEP* 2 AA ABINC 20% JHEP 4,000 1,200 1 17 19 * 1 * 2 *1. *2. 1,900 1,700 2 20 22 5,100 1,700 3 23 25 3 ZUTTOCITY Tsunashima *1. *2. 38 2017 2017

2.5 5 S 232018 20182020 35 152 10 2017 41 REIT 5 % 10.0 24,000 23 70 65 60 7.5 18,730 20,000 55 50 5.0 16,000 3.6 12,000 45 40 35 30 25 20 15 305 *1 156 *2 DBJ Green Building * 3 BELS* 4 07 08 09 10 11 12 13 14 15 16 17 3 10 5 0 50 40 30 20 10 0 10 20 30 40 50 3005,000 5,000 23 20172017 3 6,000 2,500 9,000 1,000 REIT *1. 20161130 *2. 2017331 *3. DBJ *4. 40 2017

PMOGEMSPROUD FLATLandport 2,5002017 3 1,000 1.8 20173 50%9,000 50%9,000 REIT PMOGEMSPROUD FLATLandport 1 2 3 4,000 6,000 8,000 18,000 1,500 3,000 4,000 8,500 2,500 3,000 4,000 9,500 38% 50% 50% 47% 20173199239353 20173 REIT 36,000 550,000 42 2017 56,017 12,000 12,000 * 4,500 43,000 20,000 * * 21,000 * * 550,000 * 17,000 * MTR* 1 20172019 * JV 3,000 2 20202022 3 20232025 PMO BCP LEED CS GOLD SEGES CASBEE S PROUD FLAT GEMS Landport 3275* 151 7135 549 465 151 5440* 2202 * 20163 700 350 14 15 16 17 18 19 20 21 3 * 20173 bono bono 2017 43

3 REIT REIT Landport PMO PM CAP REIT 45% 2017 REIT REIT J-REIT CAP CAP REIT 5.5 5 4.5 4 3.5 5.2 5.0 3.8 3.5 09 10 11 12 13 14 15 4.3 4.1 2.9 2.7 16 202030 REIT REIT 5812 16REIT22 2 18 12 6 1.4 1.0 0.5 0.2 0.06 0.02 15.5 14.0 12.7 11.2 6.8 7.4 7.6 7.8 8.3 9.0 5.4 0.3 0.7 1.3 2.1 3.4 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 REIT REIT 2.0 SPR REIT TOP1 REIT 561.5 REIT 1,800 J-REIT 2,000 J-REIT 44 2017

REIT REIT REIT REIT REIT CAP 22 2 1,800 1,6252,000 SPRStrategic Property Replacement SPR 20173 5276 SPR 6313 56 1.5 REIT 20,000 20 2,000 1,175 1,536 1,625 Quality 31 561.5 10 46 2017 Growth Quality SPR Master J-REIT QualityGrowth 10,000 10 11 12 13 14 15 16 17* * 3 12 REIT 20156J-REIT 20167FORF 2 2016 GRESB ESG Global Real Estate Sustainability BenchmarkGRESB Green Star GRESB REIT GRESB 60700 10 1,000 194 389 540 777 11 12 13 14 15 16 17* * 20172 8 REIT 5 US-REIT REIT Green Star 201512 DBJ DBJ Green Building GRESB DBJ Green Building 2017 47

10,000 CRE CRE CRE 49 2017 2016 40,000 30,000 20,000 36,432 37,189 33,798 34,776 31,183 30,347 31,397 28,871 2,603 2,491 2,566 2,530 2,500 2,589 2,727 2,892 6,000 4,500 3,000 1,500 CAP CRE 6 5 4 3 2 1 1.4 4.5 0.8 2.5 0.3 1.2 0.3 1.7 0.4 0.6 1.4 1.3 1.0 0.9 3.0 3.2 1.0 2.6 1.0 2.1 09 10 11 12 13 14 15 REINS 16 07 08 09 10 11 12 13 14 15 16 20172 PLUS ICTnomu.comAI ANSWER 20 CRE 73 52 202231001,000 CRE 48 2017

CRE CRE 2 2017 201610 32 PLUS 20183 20123 7320173100 270 2 ICT ICT 20164 2016 12 Q&AAI ANSWER ICT AI24 3D 50 2017 2016 21 250 200 73 80 68 62 56 150 50 60 43 100 50 12 PLUS 13 14 15 16 17 100 40 20 3 CSR CSR PLUS 20174CSR 400 350 300 250 200 150 100 50 123 2,996 10,000 226 8,000 5,484 6,000 4,000 2,000 3 20173 2017 5115 16 17* * 2017216 364 12,230 14,000 12,000

2015 170,337 *1 720 *1 52 2017 81 *2 ISO20000* 3 *1. 2017630 *2. 20169 *3. IT *4. 2017630 1 126 *4 200311113 20006,000 65 * 90% * 29 53 2017 10,000 356% 1 2 82% 7,500 12% 5,000 2,500 2015 75 80 85 90 95 00 05 10 15 PPPPFI 1201710 10405,000

2 1 20178201710 20173 50 5,000 25 100% JAPAN 15 16 17 18 19 20 3 90% 10405,000 No.11 54 2017 2 10405,000 1 JR 15 5 201710 125 90 845201731 5,000 JAPAN 3 3 2 1 12 24 28 30 36 44 48 60 4 201611 2017 55 20175 79 141,600

2009 * 2010 Q 56 2017 2011 100 * 2012 1 17.6ha 1,49742 2011 2014 2013 2015 2018 & ZUTTOCITY Tsunashima 4

1999 102012 58 2017 Q. 172011 20141,500 5 3 2007 IT 2007

Q.? 3 4 20174 3 2013 2016 3 60 2017 3 Q. 2013 240 500 kwh 4.9% 6.9% 2017 61

2016 2012 800353 51 20 20 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. IT 16. 17. 18. 19. 20. ZUTTOCITY Tsunashima CO2 ZUTTOCITY 8.4ha 20174ZUTTOCITY 201710 1 62 2017 CO2 31.5 2013 Tsunashima 1 125201710 10405,000 IoT 1 201710 1251950 2017 63

64 2017 2014 2017 65 4 201710 3LDK 2 SOHO 11

20174 COO 20152016.4 2025.3 UP 22 LGBT 1 95 2016320173 PDCA 2013 20173 20173 66 2017 20152016 125 2016 1,8301,49181.4% 23 22 PC 13 2016 3 2017 6725.4% 25.4%

MSCI 80 MSCI ESG 50% 2016 MSCI Boss Change WINWINMSCIIMI 500 20173119 MSCI 94.1% 20173 107 % 40 30 20 23.92 25.08 27.10 27.74 28.60 160 120 83 99 109 139 119 2016 293 10 6.04 5.56 4.37 4.81 5.38 13 14 15 16 17 * 2015 * 41 80 40 0 13 14 15 16 17 * 3 3 2014 2015 2016 2017 2 1 1 2 * 100 2016 100 301 68 2017 2016 1 2017 69

70 2017 2017 71 Q.? 8 5 3 2 13 2017317 Q. 1 312

72 2017 Q. 1 1 10 2017 73 Q. Q.

a. 15 3,843 b. www.nomura-re-hd.co.jp/ir/pdf/cgpolicy.pdf 500,000 381 c.20173 1,408 26 0 784 74 2017 01 12 2012 2013 2014 2015 2016 25 2017 75

M&A BCP 2017629 *1. 7 *2. 7 5 4 76 2017 1 31 2017 77

1 8 5 CSR 8 25 3 78 2017 14 14 1 2 * 1 * 1 3 1,000 4 * 2 5 615 *1. 2% *2. 2% 2016 2 2016320173 20163 20173 20174 20174 2017 79

CAC Holdings UFJ 201731717 2% 2% 201731717 201731717 1111 201731716 1111 201731717 1111 IR IR IR IR IR IRCEO 2 CEO CEO CFO 2017 3Gomez IR 14521 3 20173IR IR SR CEO IR IR 2 4 427 2 8 5 4 11 1 2 1 www.nomura-re-hd.co.jp/ir/ www.nomura-re-hd.co.jp/english/ir/ 2015626 650 150 11 7320174Explain4 3P.80 3-1 4 20173 80 2017 516 247 98 171 6 77 57 20 2 67 67 5 660 371 98 191 13 4-1-3 4-144-14-14-14-2 2017 81

20176 53 4 12 6 13 10 15 6 16 4 18 4 20 4 20 10 CEO 23 6 Nomura Holding America Inc. CEO 24 8 COO 25 6 COO 28 6 29 4 29 6 CEO 59 4 19 4 20 10 21 4 23 4 24 4 24 8 25 4 26 4 26 6 27 6 29 4 COO 56 4 16 6 20 4 21 4 24 4 24 5 26 4 26 6 27 4 29 4 48 4 10 6 11 9 13 4 19 3 CAC Holdings 20 4 20 6 24 4 25 6 55 4 15 6 19 3 19 4 20 4 22 12 24 5 25 4 26 4 26 6 27 4 27 6 & 82 2017 CFOIR 59 4 21 4 21 6 22 4 23 10 24 5 24 6 25 4 25 6 26 6 4 22 10 23 10 24 4 24 5 27 4 29 4 NREG & 29 6 58 4 62 5 2 10 12 11 21 3 22 2 22 4 26 6 2017 83

55 4 17 6 20 4 21 4 24 5 26 4 26 6 & 27 6 NREG 56 4 20 4 20 10 25 4 25 6 26 4 26 6 NREG 27 6 28 6 56 12 62 1 17 4 23 8 24 6 27 6 86 1 88 90 92 93 94 96 100 CRE 52 11 3 7 Price Waterhouse 12 4 PricewaterhouseCoopers 18 9 PwC 25 6 27 6 UFJ 84 2017 10 4 & 11 3 18 1 24 6 & 27 6 IT 2017 85

1 1 Landport 2 89Landport Landport 15,0003 3 2017 3 4 5 6 7 1 2 12 216 9 10 11 2016 5 4 9,300J-REIT 2REIT 6 8 7 24 AI ANSWER 1,200 BCP LEED CS GOLDCASBEE SSEGES Wellness for Tomorrow OUKAS 1 86 2017 Q&A AI24 P.56 2017 87

NREG PMO GEMS CRE 2011103 REITREIT NREG & NF CRE MEGALOS NOMURA REAL ESTATE HONG KONG LIMITED NOMURA REAL ESTATE ASIA PTE. LTD. 88 2017 50 2017 89

16/3 17/3 90 2017 57,593 47,701 15,371 16,535 78,132 120,385 269,546 249,663 148,729 199,812 819 2,567 5,285 5,555 33,338 42,123 38 37 608,779 684,306 374,378 394,607 139,309 152,718 235,068 241,888 523,696 549,671 28,164 26,053 7,838 8,787 20,325 17,265 779,091 808,825 10,681 10,985 45,511 46,252 21,379 21,738 14,840 14,992 5,167 5,992 0 0 86,897 88,975 876,670 908,786 1,485,449 1,593,093 16/3 17/3 51,162 35,612 137,300 106,300 1 10,000 13,232 16,052 29,617 29,459 17 20 7,073 7,516 738 639 61 47 49,903 50,149 289,107 255,799 60,000 70,000 524,600 623,800 63,766 57,597 64,070 63,592 3,900 3,900 313 257 18,018 18,931 5,264 5,402 739,933 843,481 1,029,041 1,099,280 116,598 116,779 109,842 110,023 207,203 242,704 3 3 433,642 469,503 6,664 7,947 155 119 7,861 7,860 43 62 3,513 4,129 11,212 11,860 1,685 1,986 9,868 10,462 456,408 493,813 1,485,449 1,593,093 2017 91

16/3 17/3 569,545 569,680 391,571 392,438 177,973 177,241 97,061 99,970 80,912 77,271 71 52 1,007 252 16 83 459 310 1,555 698 7,817 7,539 1,970 1,477 9,787 9,017 72,679 68,952 946 946 1,426 254 337 278 1,705 591 70,974 69,307 20,992 22,957 824 1,177 21,817 21,780 49,157 47,527 1,975 521 47,182 47,005 16/3 17/3 49,157 47,527 1,595 1,282 77 36 216 0 10 19 4,944 616 7 0 3,073 648 46,084 48,175 44,109 47,654 1,975 521 92 2017 16/3 17/3 70,974 69,307 16,026 16,877 1,426 254 278 946 16 83 13 1 21 13 152 55 282 912 1,079 304 7,817 7,539 623 1,157 67,146 73,977 5,497 1,748 2,497 15,546 4,522 158 1,953 2,244 41,658 1,346 1,064 285 7,970 9,332 21,494 21,495 13,258 31,889 3,989 1,499 2,907 1,410 9,692 50,367 61,300 308 12,066 757 1,018 1,502 964 2,558 12,448 4,520 6,124 1,586 1,142 59,714 54,558 3,300 500 148 148 184,000 160,000 102,500 91,300 29,820 19,869 3,000 426 88 105 98 0 0 10,047 11,504 1,465 26 40,253 53,637 76,575 8 25 7,173 9,897 50,418 57,591 4 57,591 47,699 2017 93

94 2017 14/3* 4 15/3* 4 15/3* 5 16/3* 5 16/3* 6 17/3* 6 18/3 307,625 359,397 359,397 334,514 334,514 329,787 365,000 295,923 332,999 332,999 318,795 318,795 308,960 11,702 26,397 26,397 15,719 15,719 20,827 * 1 99,866 92,878 92,878 110,625 110,226 115,009 143,000 48,131 46,563 46,563 49,594 49,594 51,981 10,544 10,323 10,323 10,873 10,873 11,649 5,151 5,552 5,552 5,882 5,882 5,954 25,608 16,026 12,318 33,260 33,260 35,350 3,167 3,320 3,320 4,054 10,429 14,413 14,953 7,694 7,295 6,018 18,326 9,166 9,166 10,973 10,973 9,662 9,500 CRE 29,168 30,232 30,232 35,373 35,373 34,820 38,000 24,520 25,833 25,833 28,028 28,028 30,283 4,647 4,399 4,399 7,345 7,345 4,536 * 2, 3 72,150 71,635 85,837 90,294 91,552 95,764 104,000 48,743 49,794 49,511 50,662 47,952 48,301 23,406 21,841 21,583 24,636 24,636 26,857 14,742 14,995 14,995 15,523 3,967 5,081 18,640 17,753 3,008 1,353 1,353 106 0 13,761 13,905 13,362 13,590 14,449 15,470 13,500 532,016 567,159 567,159 569,545 569,545 569,680 646,000 31,177 33,811 33,811 31,909 31,909 27,787 25,000 26,818 24,447 24,447 32,099 31,719 32,567 32,000 7,902 4,813 4,813 7,376 7,376 6,016 5,500 CRE 8,101 8,477 8,477 9,900 9,900 9,124 10,500 5,107 5,477 5,758 5,314 5,693 6,939 7,000 508 167 113 152 152 30 0 5,307 5,300 5,300 5,536 5,535 5,132 4,000 74,307 71,894 71,894 80,912 80,912 77,271 76,000 *1. 2016322015320163 *2. 20153120143 *3. 201631& 20153 *4. 201532 2015320143 *5. 201631&2015 320163 *6. 2017320163 14/3* 1 15/3* 1 15/3* 2 16/3* 2 16/3* 3 17/3* 3 331,779 382,585 382,585 414,812 414,812 450,698 776,097 849,885 849,885 922,748 918,710 993,985 67,346 40,555 40,555 36,692 36,692 35,649 CRE 21,142 22,606 22,606 32,047 32,047 22,873 32,891 32,375 49,696 51,403 55,695 56,529 34,133 19,833 2,485 1,565 1,565 929 50,496 21,383 21,411 26,180 25,926 32,427 1,313,887 1,369,226 1,369,226 1,485,449 1,485,449 1,593,093 281,698 338,530 338,530 377,849 377,849 403,232 62,918 88,446 88,446 118,277 118,277 166,997 CRE 1,162 1,184 1,184 92 49 168 271 271 964 3,380 1,638 1,519 638 638 13 84 84 84 126 126 319 349,167 429,764 429,764 496,910 496,910 570,888 ROA* 4 % 9.4 8.8 8.8 7.7 7.7 6.2 3.5 2.9 2.9 3.5 3.5 3.3 11.7 11.9 11.9 20.1 20.1 16.9 CRE 38.3 37.5 37.5 30.9 30.9 39.9 15.5 16.9 11.6 10.3 10.2 12.3 1.5 0.8 ROA* 5 5.8 5.4 5.4 5.6 5.6 4.9 14/3 15/3 16/3 17/3 18/3 5,491 6,162 5,363 4,885 5,400 718 859 643 682 600 % 21.7 21.1 21.9 21.7 ((* 6 31 87 134 252 ((* 6 0 2 215 402 % 2.9 4.5 2.2 0.8 1,132,246 1,123,188 1,074,481 1,260,064 CRE 7,437 7,174 7,710 8,272 672,774 710,980 713,574 745,147 703 729 705 702 147,516 155,706 163,036 168,999 141,564 140,395 144,263 140,743 *1. 201532 2015320143 *2. 201631&2015 320163 *3. 2017320163 *4. ROA *5. ROA *6. 201733201420173 2017 95

1. 20173NOF60,374 20163 20173 685 427 257 47,885 56,224 8,339 45 22 23 CRE 633 649 16 1,335 1,754 419 6 6 50,591 59,079 8,487 1,213 1,295 81 51,805 60,374 8,569 20173 NREG * NOF NOF NREG * 20173 N* * 2. 96 2017 17 1 38 19 110 58,755 6,721 29,430 3,196 6,478 690 5,905 946 20173 1 NREG NREG * 2 * 2 222 41,446 2,948 29,573 23,130 4,562 3,068 7,820 3 39 158,732 593 33,921 15,795 129,809 313 145,918 245,200 22 221 70,817 33,272 14,584 524 48,382 11 15 98,428 253 9,764 15,733 22,245 543 38,522 310 7,628 228 781 2,863 32,132 24 35,019 NREG * 3 * 3 NOF * 23 * 2 * 23 * 345 NREG NREG NREG * 23 N* 3 * 3 * 4 SC* 2 Landport * 5 * 3 * 2 521 17 1 517 3 8 5 50 214 2 26 1 6 1 7 211 527 1 14 8 111 3 9 22 44,989 229 2,737 15,141 19,227 348 34,717 58,755 291 6,721 20,168 8,809 594 29,573 26,748 573 3,184 1,868 22,677 18 24,564 29,430 364 3,196 2,080 21,026 23,107 58,512 535 4,639 5,955 16,303 163 22,422 20,420 212 1,939 3,835 15,707 27 19,571 39,943 86 5,730 4,484 11,685 83 16,253 98,254 189 72,013 15,611 379 15,990 3,289 4810 1,099 60 15,120 10 15,191 15,700 224 2,447 4,055 10,650 83 14,790 9,815 62 749 1,309 12,584 5 13,899 21,268 222 3,979 5,764 7,529 9 13,303 13,482 497 2,907 359 10,956 0 11,316 43,509 251 5,797 6,153 4,649 418 11,221 13,359 4811 1,376 663 10,553 0 11,217 35,612 124 16,503 5,388 4,942 15 10,346 269 35,276 10,247 10,247 1 81 14 4 238 1 7 32,299 54 8,290 3,917 5,247 23 9,188 28,822 446 15,829 3,082 5,660 33 8,776 3,958 212 785 1,717 6,401 1 8,120 17,515 591 4,134 75 7,820 7,895

NREG NREG NREG NREG NREG NREG NREG NREG NREG NREG NREG NREG * 5 * 35 NREG * 5 * 23 S * 3 PMO PMO* 3 NOF * 5 * 4 * 3 * 345 * 6 NREG 98 2017 5 2 40 4 10 2 10 2 9 10 19 3 10 1 10 3 19 1 6 19 19 1 9 217 19 1 8 211 49,046 263 27,866 3,975 3,109 465 7,550 43,093 53 8,325 2,404 4,585 85 7,075 15,220 4010 1,307 1,008 5,989 6 7,004 21,007 494 2,366 596 5,768 27 6,391 6,753 571 1,220 3,098 3,182 3 6,285 26,352 41 20,590 4,378 1,516 43 5,938 6,000 223 1,078 1,632 4,115 48 5,796 4,431 528 548 762 4,999 0 5,762 20,648 33 3,501 2,536 3,073 42 5,652 25,103 514 2,256 1,003 4,413 1 5,418 7,375 222 2,878 2,093 3,210 2 5,307 7,074 255 931 1,428 3,840 32 5,300 5,333 251 701 1,078 3,716 14 4,809 6,478 347 690 223 4,393 4,616 23,711 57 4,597 2,063 1,918 30 4,013 5,319 369 681 260 3,551 1 3,813 6,716 510 1,249 996 2,700 2 3,698 16,179 504 1,731 667 2,817 8 3,493 173 1,599 3,306 3,306 110 5,905 288 946 1,526 1,396 113 3,036 *1. *2. *3. *4. *5. 20173 *6. 294 2 & AKS 36 17,298 7,516 3 1 15,321 146 15,430 8,360 1,136 9,497 *1. *2. 3 3. 20173 1 Landport * NREG *294 2 424 5 1 110 311 35,300 11,971 21,600 12,602 8,000 5,689 4,600 2,083 3,300 294303 29 3 28 3 28 3 30 3 33 3 30 3 30 3 31 3 2017 99

34.51 34.21 12.14 2015 2017331 1,1677,9573,800 450,000,000 3,000 163-0566 1262 200461 6,4672017331 41331 191,877,801 100 39,407 2,000 1,000 6 13 4 14 4 15 4 16 4 17 3 10 CSR IT 80,000 60,000 40,000 20, 000 08 09 10 11 12 13 14 15 16 17 3 % 64,777,500 33.75 8,828,500 4.60 BNYML-NON TREATY ACCOUNT 7,028,400 3.66 9 6,847,490 3.56 6,292,200 3.27 HSBC BANK PLC A/C CLIENTS 1 3,376,900 1.75 THE BANK OF NEW YORK 133972 3,368,612 1.75 3,073,282 1.60 STATE STREET BANK - WEST PENSION FUND CLIENTS- EXEMPT 505233 2,857,433 1.48 5 2,406,200 1.25 IT % 19.14 2016 20.19 34.25 35.05 10.50 2017 21.38 34.27 33.19 11.15 100 2017 3 2017 101