Nippon Building Fund Incorporation : Notice Concerning Debt Refinancing

February 24, 2021

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.

Yoshiyuki Tanabe, President and CEO

Person to Contact:

Yasushi Yamashita, General Manager

(TEL. [phone])

Notice Concerning Debt Refinancing

Nippon Building Fund, Inc. ("NBF") hereby provides notice of its decision on February 24, 2021 to implement refinancing of short-term borrowing:

Description

1. Details of Refinancing

Lender	Amount Borrowed	Interest Rate	Expected Date of Implementation	Methods of Borrowing, Repayment, Security and Guarantee etc.	Repayment Due Date
Sumitomo Mitsui Banking Corporation	¥10 billion	0. 118%	February 26, 2021	Unsecured, unguaranteed, repayable in one lump sum on repayment due date	March 31, 2021

*Interest Rate is rounded down to the 3rd decimal point.

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

• (1) Amount to be refinancing

  ¥10 billion

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

• (3) Expected date of expenditure February, 2021

3. 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 September 29, 2020 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 February 24, 2021 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.