Nippon Building Fund Incorporation : Notice Concerning Debt Financing

June 10, 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 June 10,

2022 concerning a long-term borrowing:

Description

1. Long-term Borrowing

	Amount	Interest	Expected Date of	Methods of Borrowing,	Repayment Due
Lender	Repayment, Security
Borrowed	Rate	Implementation	Date
	and Guarantee etc.
				Unsecured,
DAIDO LIFE				unguaranteed,
INSURANCE	¥1 billion	0.716%	June 30, 2022	repayable in one lump	June 30,2034
COMPANY				sum on repayment due
				date

(Note) Interest Rate is rounded down to the 3rd decimal point.

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

1. Amount to be borrowed ¥1 billion
2. Specific use of proceeds Refinancing of a long-term borrowing
3. Expected date of expenditure June, 2022
4. • 1 -

3. Status of Borrowings etc. following the financing

			(Unit: million yen)
	Before	After		Increase /
	Financing	Financing		Decrease
Short-term borrowings	14,000	14,000		0
Long-term borrowings	36,000	36,000		0
(Floating interest rate)
Long-term borrowings	467,500	467,500		0
(Fixed interest rate)
Bonds	57,000	57,000		0
Total	578,500	578,500		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 June 10, 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.

- 2 -