diff --git a/pom.xml b/pom.xml
index dbf39aa2..b0309af1 100644
--- a/pom.xml
+++ b/pom.xml
@@ -460,8 +460,8 @@
     </dependencies>
     <properties>
         <maven-javadoc-version>3.0.1</maven-javadoc-version>
-        <swagger-core-version>2.1.3</swagger-core-version>
-        <swagger-parser-version>2.0.20</swagger-parser-version>
+        <swagger-core-version>2.1.4-SNAPSHOT</swagger-core-version>
+        <swagger-parser-version>2.0.21-SNAPSHOT</swagger-parser-version>
         <jackson.version>2.11.1</jackson.version>
         <jetty-version>9.4.11.v20180605</jetty-version>
         <jersey2-version>2.26</jersey2-version>
diff --git a/src/main/java/io/swagger/oas/inflector/examples/ExampleBuilder.java b/src/main/java/io/swagger/oas/inflector/examples/ExampleBuilder.java
index 4fc1b738..24120934 100644
--- a/src/main/java/io/swagger/oas/inflector/examples/ExampleBuilder.java
+++ b/src/main/java/io/swagger/oas/inflector/examples/ExampleBuilder.java
@@ -152,11 +152,12 @@ public static Example fromProperty(
         if (example == null) {
             if (nullExample) {
                 return new NullExample();
-            }
-            if (processNullExampleExtension) {
+            } else if (processNullExampleExtension) {
                 if (property.getExtensions() != null && property.getExtensions().get(Constants.X_INFLECTOR_NULL_EXAMPLE) != null) {
                     return new NullExample();
                 }
+            } else if (property.getExampleSetFlag()) {
+                return new NullExample();
             }
         }
 
diff --git a/src/test/java/io/swagger/oas/test/examples/ExampleBuilderTest.java b/src/test/java/io/swagger/oas/test/examples/ExampleBuilderTest.java
index 15699c84..1ca75264 100644
--- a/src/test/java/io/swagger/oas/test/examples/ExampleBuilderTest.java
+++ b/src/test/java/io/swagger/oas/test/examples/ExampleBuilderTest.java
@@ -1001,4 +1001,61 @@ public void testNullExampleSupportOAS3() throws Exception{
         output = Json.pretty(example);
         assertEquals(output, "[ \"foo\", " + null + " ]");
     }
+
+    @Test
+    public void testNullExampleSupportOAS3NoFlag() throws Exception{
+
+        ParseOptions options = new ParseOptions();
+        options.setResolve(true);
+        options.setResolveFully(true);
+
+        OpenAPI openAPI = new OpenAPIV3Parser().read("src/test/swagger/null-examples-oas3-no-flag.yaml", null, options);
+
+        ApiResponse response;
+        Example example;
+        String output;
+
+        response = openAPI.getPaths().get("/object-with-null-example").getGet().getResponses().get("200");
+        // returns instance of NullExample
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        assertNull(example.asString());
+
+        response = openAPI.getPaths().get("/object-with-null-in-schema-example").getGet().getResponses().get("200");
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        output = Json.pretty(example);
+        assertEquals(output, "{\n" +
+                "  \"a\" : 5,\n" +
+                "  \"b\" : \"test\",\n" +
+                "  \"c\" : true,\n" +
+                "  \"d\" : " + null + "\n" +
+                "}");
+
+        response = openAPI.getPaths().get("/object-with-null-property-example").getGet().getResponses().get("200");
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        output = Json.pretty(example);
+        assertEquals(output, "{\n" +
+                "  \"a\" : 5,\n" +
+                "  \"b\" : " + null + "\n" +
+                "}");
+
+        response = openAPI.getPaths().get("/string-with-null-example").getGet().getResponses().get("200");
+        // returns instance of NullExample
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        assertNull(example.asString());
+
+        response = openAPI.getPaths().get("/array-with-null-array-example").getGet().getResponses().get("200");
+        // returns instance of NullExample
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        assertNull(example.asString());
+
+        response = openAPI.getPaths().get("/array-with-null-item-example").getGet().getResponses().get("200");
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        output = Json.pretty(example);
+        assertEquals(output, "[ " + null + " ]");
+
+        response = openAPI.getPaths().get("/array-with-null-in-array-example").getGet().getResponses().get("200");
+        example = ExampleBuilder.fromSchema(response.getContent().get("application/json").getSchema(), null, ExampleBuilder.RequestType.READ);
+        output = Json.pretty(example);
+        assertEquals(output, "[ \"foo\", " + null + " ]");
+    }
 }
diff --git a/src/test/swagger/null-examples-oas3-no-flag.yaml b/src/test/swagger/null-examples-oas3-no-flag.yaml
new file mode 100644
index 00000000..8574ec73
--- /dev/null
+++ b/src/test/swagger/null-examples-oas3-no-flag.yaml
@@ -0,0 +1,138 @@
+openapi: 3.0.2
+info:
+  title: null examples
+  version: 1.0.0
+paths:
+
+  /object-with-null-example:
+    get:
+      description: Response should be `null`
+      responses:
+        '200':
+          description: Should be `null`
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ObjectWithNullExample'
+
+  /object-with-null-in-schema-example:
+    get:
+      description: 'Response should be `{..., "d": null}`'
+      responses:
+        '200':
+          description: 'Should be `{..., "d": null}`'
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ObjectWithNullInSchemaExample'
+
+  /object-with-null-property-example:
+    get:
+      description: 'Response should be `{"a": 5, "b": null}`'
+      responses:
+        '200':
+          description: 'Should be `{"a": 5, "b": null}`'
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ObjectWithNullPropertyExample'
+
+  /string-with-null-example:
+    get:
+      description: Response should be `null`
+      responses:
+        '200':
+          description: Should be `null`
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/StringWithNullExample'
+
+  /array-with-null-array-example:
+    get:
+      description: Response should be `null`
+      responses:
+        '200':
+          description: Should be `null`
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ArrayWithNullArrayExample'
+
+  /array-with-null-item-example:
+    get:
+      description: Response should be `[null]`
+      responses:
+        '200':
+          description: Should be `[null]`
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ArrayWithNullItemExample'
+
+  /array-with-null-in-array-example:
+    get:
+      description: Response should be `["foo", null]`
+      responses:
+        '200':
+          description: Should be `["foo", null]`
+          content:
+            application/json:
+              schema:
+                $ref: '#/components/schemas/ArrayWithNullInArrayExample'
+
+components:
+  schemas:
+
+    ObjectWithNullExample:
+      type: object
+      properties:
+        foo:
+          type: string
+      nullable: true
+      example: null
+
+    ObjectWithNullInSchemaExample:
+      type: object
+      example:
+        a: 5
+        b: test
+        c: true
+        d: null
+
+    ObjectWithNullPropertyExample:
+      type: object
+      properties:
+        a:
+          type: integer
+          example: 5
+        b:
+          type: string
+          nullable: true
+          example: null
+
+    StringWithNullExample:
+      type: string
+      nullable: true
+      example: null
+
+    ArrayWithNullArrayExample:
+      type: array
+      items:
+        type: string
+      nullable: true
+      example: null
+
+    ArrayWithNullItemExample:
+      type: array
+      items:
+        type: string
+        nullable: true
+        example: null
+
+    ArrayWithNullInArrayExample:
+      type: array
+      items:
+        type: string
+        nullable: true
+      example: [foo, null]