Nippon Building Fund Incorporation : Notice Concerning Debt Financing

April 25, 2022

To All Concerned Parties

Name of REIT Issuer:

Nippon Building Fund Inc.

Koichi Nishiyama, Executive Director

(TSE Code : 8951)

Contact:

Asset Management Company

Nippon Building Fund Management Ltd.

Eiichiro Onozawa, President and CEO

Person to Contact:

Yukio Handa, General Manager

(TEL. [phone])

Notice Concerning Debt Financing

Nippon Building Fund Inc. ("NBF") hereby provides notice that the following was decided as of April 25, 2022 concerning long-term borrowings:

Description

1. Long-term Borrowing

Lender	Amount Borrowed	Interest Rate	Expected Date of Implementation	Methods of Borrowing, Repayment, Security and Guarantee etc.	Repayment Due Date
Daishi Hokuetsu Bank,Ltd.	¥2 billion	0.32%	April 27, 2022	Unsecured, unguaranteed, repayable in one lump sum on repayment due date	April 27, 2029
The Keiyo Bank,Ltd.	¥1 billion	0.45%	April 27, 2032

2. Amount, Use and Expected Date of Expenditure of Proceeds

• (1) Amount to be borrowed

  Total ¥3 billion

• (2) Specific use of proceeds Refinancing of a long-term borrowing

• (3) Expected date of expenditure

  April, 2022

3. Status of Borrowings etc. following the financing

(Unit: million yen)

Before Financing	After Financing	Increase / Decrease
Short-term borrowings	36,000	36,000	0
Long-term borrowings (Floating interest rate)	26,000	26,000	0
Long-term borrowings (Fixed interest rate)	467,500	467,500	0
Bonds	57,000	57,000	0
Total	586,500	586,500	0

4. Other Matters Required for Investors to Appropriately Understand and Evaluate the Above

Information

There is no change to the content of "Investment Risks" of the Securities Report submitted on March 30, 2022 with respect to the risks involved in repayment etc. of the current debt financing.

End

This English language notice is a translation of the Japanese language notice dated April 25, 2022 and was prepared solely for the convenience of, and reference by, overseas investors. Neither NBF nor Nippon Building Fund Management Ltd. makes any warranties as to its accuracy or completeness.