Nippon Building Fund Incorporation : Notice of Acquisition and Disposition of Assets

March 25, 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 of Acquisition and Disposition of Assets

(Acquisition of Ueno East Tower (additional acquisition), and disposition of

NBF Minami-Aoyama Bldg.)

Nippon Building Fund Management, Ltd. ("NBFM"), to which Nippon Building Fund, Inc. ("NBF") entrusts asset management services, hereby provides notice of its decision on March 25, 2021 on acquisition and disposition of assets ("Transations") as follows:

Description

1

Outline of Transactions

(1) Outline of the Acquisition

Name of Assets	Ueno East Tower (Additional Acquisition: 40% co-ownership) * The entire Ueno East Tower shall be referred to as "the Property," the portion to be acquired shall be referred to as "the Additionally Acquired Portion of the Property" and the portion already owned by NBF shall be referred to as "the Existing Interests" hereinafter.
Type of Specified Assets	Real Property
Acquisition Price	¥13,400,000,000 (Miscellaneous acquisition costs, adjusted amount of fixed assets tax and city-planning tax, etc. as well as consumption tax, etc. are excluded.)
Seller	SHIMIZU CORPORATION (Please refer to Section 4 herein below for a description of the seller.)
Intermediary	None
Date of Contract	March 25, 2021
Date of Acquisition	March 29, 2021 (scheduled)
Acquisition Funds	Own funds (including disposition funds of the disposition)
Payment Method	One time, lump-sum payment at the time of delivery

(2) Outline of the Disposition

Name of Assets	NBF Minami-Aoyama Bldg.
Type of Specified Assets	Real Property (*1)
Disposition Price	¥31,600,000,000 (*1) (Miscellaneous acquisition costs, adjusted amount of fixed assets tax and city-planning tax, etc. as well as consumption tax, etc. are excluded.)
Book Value	¥31,485,933,890 (as of December 31, 2020)
Difference between Disposition Price and Book Value	¥114,066,110 (*2)
Transferee	Land: Limited Liability Company Building: General Business Company (Please refer to Section 5 herein below for an outline of the transferee.)
Intermediary	None
Date of Contract	March 25, 2021
Date of Disposition	March 25, 2021
Specific use of Disposition Funds	Acquisition funds of the transaction and repayment of interest-bearing debt
Payment Method	One time, lump-sum payment at the time of delivery

• *1 Upon the disposition, the trust of the Real Property will be established for land and building on the same date as the delivery date, and the trust beneficiary right in real estate will be transferred to each buyer of land and building respectively. "Disposition Price" represents the disposition price of land and building in total.

• *2 The figure is based on the book value as of December 31, 2020, and is for reference only, and may differ from the actual figure at the time of disposition. In addition, delivery cost will be incurred.

(The remainder of this page is intentionally left blank)

2

Purpose of the Transaction

The purpose of the transaction is to carry out portfolio replacement as part of the establishment of a stable portfolio for NBF and aim for the enhancement of medium-to-long-term and comprehensive profitability.

NBF commenced operation of "Ueno East Tower," the asset to be acquired, after acquiring 60% co-ownership interest in it from the special purpose company (TMK) all of whose preferred shares are subscribed by Mitsui Fudosan Co., Ltd. ("Mitsui Fudosan"), its sponsor, in June 2016. Because NBF will hold full ownership after acquiring the remaining 40% ownership interest from Shimizu Corporation which developed the property jointly with Mitsui Fudosan, improvement of operational efficiency and reduction of costs will be made, thereby expecting to improve the asset value.

On the other hand, as for "NBF Minami-Aoyama Bldg.," the asset to be disposed, the improvement in investment yield was delayed partially due to the impact of the Great East Japan Earthquake in addition to the Global Financial Crisis after the acquisition in August 2008, and the disposition price is expected to exceed the book value although the appraisal value fell below the book value and the property continued to have unrealized losses. Therefore, NBF decided to conduct the asset replacement after making comprehensive desicion.

The Transactions will improve the following portfolio properties.

Property to be Disposed	Property to be Acquired (Additional Acquisition)	Effect
Property Name	NBF Minami-Aoyama Bldg.	Ueno East Tower (40% co-ownership)	―
A: Disposition / Acquisition Price	31,600 million yen	13,400 million yen	Collection of 18,200 million yen of difference in funds
B: Appraisal Value	20,300 million yen	14,300 million yen	―
C: (For reference) Enhancement of Asset Value through Full Ownership	―	(+1,900 million yen) (*3)	Increase in appraisal value through full ownership
D: Book Value (Property to be Disposed) (as of December 31, 2020)	31,485 million yen	―	―
Improvement of NAV (D−B, B+C−A)	+11,185 million yen	+2,800 million yen (Effect of additional acquisition: +900 million yen Effect of full ownership: +1,900 million yen)	Improvement of NAV: +13,985 million yen
Property Age	26.2 years	5.3 years	Regeneration of portfolio
NOI yield (*4)	1.70%	4.08%	Improvement of NOI yield

• *3 Appraisal value assuming full ownership is 38,800 million yen (for reference).

  The value indicated is obtained by subtracting the appraisal value for the Existing Interests as of the end the 39th period (ended December 2020) (22,600 million yen) and the appraisal value for the Additionally Acquired Portion of the Property (14,300 million yen) from the abovementioned value.

• *4 Calculated based on actual value for the 39th period (ended December 31, 2020), and the 40% ownership interest for the property to be acquired.

  Property to be disposed: NOI for the 39th period (ended December 31, 2020) × 2 (annual) / book value for the 39th period (ended December 31, 2020)

  Property to be acquired: NOI for the 39th period (ended December 31, 2020) × 2 (annual) / acquisition price

With the replacement, net asset value (NAV) will increase by approximately 13.9 billion yen, and improvement of NAV, which is NBF's medium- to long-term goal, can be achieved.

In addition, while the building age will be reduced and NOI yield can be improved, improvement of energy consumption can be expected for environmental performance in ESG as well.

【

NAV per Unit (*5)

】

• *5 NAV per unit = (Unitholders' capital at period end + Reserve for advanced depreciation in the next period (reserve - reversal) + Unrealized gain or loss on appraisal value at period end) ÷ Units issued and outstanding at period end

• *6 NAV per unit after the Transactions is divided by the number of investment units issued and outstanding after adding to NAV for the 39th period (ended December 31, 2020) the difference between the period-end book value (31,485 million yen) and period-end appraisal value (20,300 million yen) in the 39th period for the property to be disposed (+13,985 million yen), the difference between the appraisal value (14,300 million yen) and acquisition price (13,400 million yen) for the property to be acquired (+900 million yen), and the improvement of asset value through full ownership (+1,900 million yen) and assuming the disposition of NBF Shinkawa Bldg. (East Building and Maison New River) scheduled to be disposposed on March 31, 2021 (the entire amount of gain on sale (expected to be 1,597 million yen) after subtracting the difference between the period-end appraisal value (5,080 million yen) and the book value (3,705 million yen) in the 39th period (1,375 million yen) is to be internally reserved).

3

Outline of Assets

(1) Outline of Assets to be Acquired

• ① Location

  The property is located at a place offering high transport convenience where multiple stations on multiple lines such as Ueno Station and Okachimachi Station on the JR lines and Ueno Station on the Tokyo Metro Line are available. It is a rare, high-rise building in the area and also offers excellent visibility as it stands along a main road.

• ② Building and Facilities

  The property was completed in 2015 and is a highly competitive property with adequate specifications as an office building, such as by having a rentable standard floor area of approximately 423 tsubo, a ceiling height of 2,700 mm, and an individual air-conditioning system.

• ③ Holding Full Ownership as a Result of Additional Acquisition

  As a result of the additional acquisition this time, NBF will hold full ownership when combined with the existing ownership interest in the property it holds, and the speeding-up of decision making in operations and the improvement of liquidity can be expected.

Name of Assets	Ueno East Tower
Type of Specified Assets	Real Property
Type of Ownership	Land : 40% co-ownership interest Building : 40% co-ownership interest
Location	(Description in Real Property Registry) Land : 7, 8, 9, 10-1, 10-2, 11-1, 11-2, 11-3, 11-4, 11-5, 12-1, 12-2, 12-3, 12-4, 12-5, 12-6, 12-7, 12-8, 12-9, 30-1, 30-2, 30-3, 31, 151-1, 151-2, Higashi-Ueno 2-chome, Taito-ku, Tokyo Building : 8, 7, 9, 10-1, 10-2, 11-1, 11-2, 11-3, 11-4, 11-5, 12-1, 12-2, 12-3, 12-4, 12-6, 12-7, 12-8, 12-9, 30-1, 30-2, 30-3, 31, 151-1, 151-2, Higashi-Ueno 2-chome, Taito-ku, Tokyo (Street Address) 16-1, Higashi-Ueno 2-chome, Taito-ku, Tokyo
Use (primary use listed in Real Property Registry)	Offices, Hotel, Parking, Meeting place and Stores
Square meters (Description in Real Property Registry)	Land : site area: 3,508.73 m2 (entire site) Building : total floor space 41,180.99 m2 (entire building)
Structure (Description in Real Property Registry)	Steel frame and steel framed reinforced concrete structure, flat roof, 25 floors above ground and 2 floors below ground
Completion of Construction (Description in Real Property Registry)	December 7, 2015
Matters Related to Earthquake Resistance	Earthquake PML 1.8% (obtained from the building condition investigation report prepared by Engineering & Risk Services Corporation)
Existence of Secured Interests (liens)	None
Appraisal Value (Date of Valuation)	¥14,300,000,000 (January 31, 2021)
Appraiser	Daiwa Real Estate Appraisal Co., Ltd.
Description of Tenants Number of tenants Total rental revenues Lease deposit Total rentable area Total rented area Occupancy Rate	The tenancy situation of lessees as of February 28, 2021 is as follows.
1 company (general business company)
Not disclosed as it is from 1 company.
Not disclosed as it is from 1 company.
11,484.46 m2 (based on the owned interests)
11,484.46 m2 (the same as above)
100%
Other Special Matters	None

(2) Outline of Assets to be Disposed

Name of Assets	NBF Minami-Aoyama Bldg.
Type of Specified Assets	Real Property (*7)
Type of Ownership	Land : ownership Building : ownership
Location	(Description in Real Property Registry) Land : 5-7, Minami-Aoyama 3-chome, Minato-ku, Tokyo Building : 5-7, Minami-Aoyama 3-chome, Minato-ku, Tokyo (Street Address) 1-31, Minami-Aoyama 3-chome, Minato-ku, Tokyo
Use (primary use listed in Real Property Registry)	Offices, Parking
Square meters (Description in Real Property Registry)	Land : site area: 3,272.74 m2 Building : total floor space 18,720.59 m2
Structure (Description in Real Property Registry)	Steel frame, steel framed reinforced concrete and steel reinforced concrete structure, flat roof, 11 floors above ground and 2 floors below ground
Completion of Construction (Description in Real Property Registry)	January 31, 1995
Date of Acquisition	August 1, 2008
Acquisition Price	¥31,000,000,000
Appraisal Value (Date of Valuation)	¥20,300,000,000 (December 31, 2020)
Appraiser	Daiwa Real Estate Appraisal Co., Ltd.
Description of Tenants Total number of tenants Total rental revenues Lease deposit Total rentable area Total rented area Occupancy Rate	The tenancy situation of lessees as of February 28, 2021 is as follows.
12 companies (12 general business companies)
Approx. ¥929 million / year
Approx. ¥817 million
9,631.65 m2
9,631.65 m2
100%
Other Special Matters	None

*7

Upon the disposition, the trust of the Real Property will be established on the same date as the delivery date, and the trust beneficiary right in real estate will be transferred to buyers for both land and building respectively.

• 4 Outline of Seller

  (1)Name	SHIMIZU CORPORATION
  (2)Location	16-1, Kyobashi 2-chome, Chuo-ku, Tokyo
  (3)Name and Title of Representative	Kazuyuki Inoue, President and Representative Director
  (4)Description of Business	Construction, architecture, civil engineering and property services (general construction business)
  (5)Capital	¥ 74,365 million (as of March 31, 2020)
  (6)Date of Establishment	August 24, 1937
  (7)Net Assets	¥ 736,412 million (as of March 31, 2020)
  (8)Total Assets	¥ 1,904,934 million (as of March 31, 2020)
  (9)Major shareholders and percentage of shares held (%)	The Master Trust Bank of Japan, Ltd. (Trust Account) (8.51%), SHIMIZU & Co., Ltd.(8.12%), Social Welfare Corporation Shimizu Foundation (5.05%) (as of March 31,2020)
  (10)Relations with NBF/NBFM Capital Relationship Personnel Rerationship Business Relationship None None None Related parties Does not fall under the category of related parties of either NBF or NBFM.

• 5 Outline of Transferee

  Transferees are domestic general business companies and LLC. The details are not disclosed as the consent for disclosure has not been obtained from transferees.

• 6 Forecasts of Operating Results for the Periods ending June 30, 2021 and December 31, 2021

  There will be no change to the forecasted management situation during the period ending June 30, 2021 and the period ending December 31, 2021 as the transactions will have little impact upon the management situation of NBF during such period.

7

Summary of Appraisal Report

Property Name	Ueno East Tower (Additional Acquisition)
Appraisal Value	¥14,300,000 thousand
Appraiser	Daiwa Real Estate Appraisal Co., Ltd.
Date of Valuation	January 31, 2021

Item	Breakdown (in thousands of yen)	Remarks
Appraisal value based on income method Appraisal value based on direct capitalization method (1) Operating Revenue ((i) - (ii)) (i)Effective gross income (ii) Losses from vacancy, etc. (2) Operating Expenses Building Maintenance Costs/ Property Management Fees Utilities Expenses Repair Expenses Leasing Expenses, etc. Taxes & Public Duties Insurance Premiums Other Expenses (3) Net Operating Income ((1)-(2)) (4) Investment Income from Temporary Deposits (5) Capital Expenditure (6) Net Income ((3)+(4)-(5)) (7) Capitalization Rate Appraisal value based on DCF method Discount Rate Terminal Capitalization Rate	14,300,000	Estimated by combining the appraisal values under the DCF method and the direct capitalization method
14,900,000
821,518
853,265	Estimated based on income consisting of rents, common area charges, utility charges, parking rents etc. which are deemed stable on a mid-and-long-term basis
31,747	Estimated based on a vacancy rate which is deemed stable on a mid-and-long-term basis
252,281
88,620	Estimated based on past results and contracts verified applying the level of maintenance costs/property management fees for similar real properties
60,449	Estimated based on past results verified applying the level of utilities expenses for similar real properties
10,833	Included in Building Maintenance Costs
6,112	Estimated based on the assumed turnover rate and the level of leasing expenses for similar real properties
82,231	Estimated based on actual taxes in fiscal 2020 etc.
702	Recorded the amount based on past results
3,335	Estimated based on past results verified applying the level of expenses for similar real properties
569,237
6,582	Estimated applying investment return of 1.0%
8,626	Estimated based on the Engineering Report as well as the level of renewal expenses for similar real properties
567,193
3.8%	Estimated taking into consideration examples of transactions for similar real properties, as well as conditions e.g. location, building condition, rights, contractual terms etc. of the Property
14,000,000
3.6%	Estimated based on comparison with examples of transactions for similar real properties as well as returns on financial assets adjusted by individual characteristics of the Property
4.0%	Estimated taking into consideration the characteristics of net income adopted in determining the capitalization rate as well as future uncertainty, liquidity and marketability etc.
Integrated value based on cost method Proportion of land Proportion of building	17,500,000	Estimated based on 40% co-ownership
74.1%
25.9%

*Amounts less than one thousand yen are rounded to the nearest thousand.

Matters specifically considered in adjustment of estimated amounts and determination of appraisal value

None.

(Note)

The reason for indicating Building Maintenance Costs / Property Management Fees as a total amount is because separately disclosing the levels of maintenance costs and property management fees of the Additionally Acquired Portion of the Property may have an impact on other transactions of the expected providers of building maintenance services and property management services respectively, and may hinder the provision of efficient services to NBF which may result in risks of damaging the interest of NBF's unitholders.

Property Name	NBF Minami-Aoyama Bldg.
Appraisal Value	¥20,300,000 thousand
Appraiser	Daiwa Real Estate Appraisal Co., Ltd.
Date of Valuation	December 31, 2020

Item	Breakdown (in thousands of yen)	Remarks
Appraisal value based on income method Appraisal value based on direct capitalization method (1) Operating Revenue ((i) - (ii)) (i)Effective gross income (ii) Losses from vacancy, etc. (2) Operating Expenses Building Maintenance Costs/ Property Management Fees Utilities Expenses Repair Expenses Leasing Expenses, etc. Taxes & Public Duties Insurance Premiums Other Expenses (3) Net Operating Income ((1)-(2)) (4) Investment Income from Temporary Deposits (5) Capital Expenditure (6) Net Income ((3)+(4)-(5)) (7) Capitalization Rate Appraisal value based on DCF method Discount Rate Terminal Capitalization Rate	20,300,000	Estimated by combining the appraisal values under the DCF method and the direct capitalization method
21,600,000
1,150,722
1,190,354	Estimated based on income consisting of rents, common area charges, utility charges, parking rents etc. which are deemed stable on a mid-and-long-term basis
39,632	Estimated based on a vacancy rate which is deemed stable on a mid-and-long-term basis
429,279
104,923	Estimated based on past results and contracts verified applying the level of maintenance costs/property management fees for similar real properties
59,437	Estimated based on past results verified applying the level of utilities expenses for similar real properties
15,231	Estimated based on the Engineering Report as well as the level of repair and restoration expenses for similar real properties
8,093	Estimated based on the assumed turnover rate and the level of leasing expenses for similar real properties
234,735	Estimated based on actual taxes in fiscal 2020 etc.
861	Estimated based on insurance documents
6,000	Estimated based on past results and the level of expenses for similar real properties
721,442
8,915	Estimated applying investment return of 1.0%
81,626	Estimated based on the Engineering Report as well as the level of renewal expenses for similar real properties
648,731
3.0%	Estimated taking into consideration examples of transactions for similar real properties, as well as conditions e.g. location, building condition, rights, contractual terms etc. of the Property
19,700,000
2.8%	Estimated based on comparison with examples of transactions for similar real properties as well as returns on financial assets adjusted by individual characteristics of the Property
3.2%	Estimated taking into consideration the characteristics of net income adopted in determining the capitalization rate as well as future uncertainty, liquidity and marketability etc.
Integrated value based on cost method Proportion of land Proportion of building	32,900,000
94.7%
5.3%

*Amounts less than one thousand yen are rounded to the nearest thousand.

Matters specifically considered in adjustment of estimated amounts and determination of appraisal value

None.

(Note)

The reason for indicating Building Maintenance Costs / Property Management Fees as a total amount is because separately disclosing the levels of maintenance costs and property management fees of the Property may have an impact on other transactions of the expected providers of building maintenance services and property management services respectively, and may hinder the provision of efficient services to NBF which may result in risks of damaging the interest of NBF's unitholders.

EndThis English language notice is a translation of the Japanese language notice dated March 25, 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.

【Reference Material 1】 Exterior Appearance of the Property 【Reference Material 2】 Standard Floor Plan of the Property 【Reference Material 3】 Summary of Portfolio after the Transactions

【Reference Material 1】 Exterior Appearance of the Property

【Reference Material 2】 Standard Floor Plan of the Property 【Reference Material 3】 Summary of Portfolio after the Transactions

【Reference Material 2】 Standard Floor Plan of the Property

【Reference Material 3】 Summary of Portfolio after the Transactions

Area

Property Name

Acquisition Price ( in thousands)

(Note 1)

PercentagePercentage of each area

Value (Real Estate Appraisal Value) ( in thousands)

(Note 2)

Shinjuku Mitsui Bldg.(Note 3)

Roppongi T-CＵＢＥ GranTokyo South Tower(Note 3) Nishi-Shinjuku Mitsui Bldg. Celestine Shiba Mitsui Bldg. NBF Shinagawa Tower Shiba NBF Tower NBF Platinum Tower

Central 5 Wards

NBF COMODIO Shiodome G-BASE TAMACHI Toranomon Kotohira Tower NBF Ochanomizu Bldg. NBF Shibuya Garden Front NBF Ginza Street Bldg. Shinjuku Mitsui Bldg. No.2 Kowa Nishi-Shinbashi Bldg. B River City M-SQUARE

NBF Toranomon Bldg. Shinbashi M-SQUARE NBF ALLIANCE Yotsuya Medical Bldg. NBF Shibuya East NBF Shibakouen Bldg. NBF Takanawa Bldg.

23 Wards of Tokyo

NBF Akasaka Sanno Square NBF Kandasudacho Bldg. NBF Ogawamachi Bldg. Sumitomo Densetsu Bldg. NBF Higashi-Ginza Square Panasonic Tokyo Shiodome Bldg. Nihonbashi Kabuto-cho M-SQUARE NBF Shinkawa Bldg.(Note 4) Ryukakusan Bldg. Jingumae M-SQUARE NBF Osaki Bldg. Gate City Ohsaki Nakanosakaue Sunbright Twin NBF Toyosu Canal Front NBF Toyosu Garden Front Osaki Bright Core - Bright Plaza Nakameguro GT Tower

Ueno East Tower

Ueno East Tower （Additional Acquisition）(Note 5)

OSAKI BRIGHT TOWER

NBF Ueno Bldg.

170,000,000

62,800,000

47,000,000

45,271,040

42,000,000

36,300,000

32,000,000

31,000,000

28,800,000

28,200,000

24,543,000

20,840,000

20,269,000

17,000,000

16,285,400

13,473,200

13,350,000

13,337,000

11,900,000

9,126,000

8,800,000

8,000,000

6,770,000

6,667,200

6,250,000

5,960,000

5,420,000

5,365,000

5,200,000

5,075,000

4,850,000

4,528,349

4,050,000

12.4%

4.6%

3.4%

3.3%

3.1%

2.7%

2.3%

2.3%

2.1%

2.1%

1.8%

1.5%

1.5%

1.2%

1.2%

1.0%

1.0%

55.9%

1.0%

0.9%

0.7%

0.6%

0.6%

0.5%

0.5%

0.5%

0.4%

0.4%

0.4%

0.4%

0.4%

0.4%

0.3%

0.3%

3,700,000

0.3%

66,660,000

57,281,060

41,230,488

35,200,000

25,018,000

24,380,000

23,856,000 21,600,000

13,400,000

13,970,000

10,400,000

NBF Ikebukuro East Higashi Gotanda Square Toyo-cho Center Bldg. NBF Ikebukuro Tower NBF Ikebukuro City Bldg.

8,630,000

8,350,000

7,800,000

4,695,000

173,000,000

63,600,000

48,500,000

45,400,000

51,800,000

49,400,000

29,600,000

63,700,000

36,600,000

28,300,000

35,800,000

14,300,000

34,100,000

17,500,000

20,600,000

15,200,000

13,800,000

17,900,000

15,300,000

12,300,000

7,970,000

9,070,000

8,490,000

7,610,000

7,360,000

8,740,000

7,000,000

6,070,000

8,270,000

5,960,000

5,420,000

5,690,000

4,960,000

4,970,000

4.9%

86,600,000

4.2%

71,100,000

3.0%

31,400,000

2.6%

38,600,000

1.8%

29,800,000

1.8%

25,000,000

1.7%

23,000,000

1.6%

22,600,000

82.7%

1.0%

14,300,000

1.0%

14,200,000

0.8%

9,840,000

0.6%

13,500,000

0.6%

8,620,000

0.6%

8,810,000

0.3%

5,750,000

4,428,000

0.3%

5,890,000

9,320,000 25,820,000 13,529,300 3,800,000

Other Greater

TokyoChofu South Gate Bldg. Shin-Kawasaki Mitsui Bldg. Yokohama ST Bldg. Parale Mitsui Bldg. Tsukuba Mitsui Bldg. S-ino Omiya North Wing NBF Urawa Bldg.

0.7%

9,940,000

1.9%

23,700,000

1.0%

17,100,000

0.3%

4,600,000

6.0%

8,875,500

0.6%

8,680,000

16,816,345

1.2%

22,600,000

2,000,000

0.1%

2,160,000

NBF Matsudo Bldg. Sapporo L-Plaza

2,455,000

0.2%

2,520,000

4,404,405

0.3%

7,890,000

NBF Sapporo Minami Nijo Bldg. NBF Unix Bldg.

1,870,300

0.1%

1,510,000

4,028,900

0.3%

3,390,000

NBF Niigata Telecom Bldg.

3,957,500

0.3%

2,750,000

Sumitomo Mitsui Banking Nagoya Bldg. Nagoya Mitsui Main Building.

14,900,000

1.1%

16,700,000

13,050,000

1.0%

13,300,000

Other Cities

Nagoya Mitsui New Building. NBF Nagoya Hirokoji Bldg. Aqua Dojima NBF Tower Nakanoshima Central Tower Shinanobashi Mitsui Bldg. Sakaisuji-Honmachi Center Bldg. Sun Mullion NBF Tower

13,200,000

1.0%

13,500,000

7,232,000

0.5%

6,790,000

17,810,000

1.3%

19,800,000

11.3%

14,900,000

1.1%

18,900,000

14,400,000

1.1%

13,600,000

12,700,000

0.9%

14,400,000

10,500,000

0.8%

6,800,000

NBF Hiroshima Tatemachi Bldg. Hiroshima Fukuromachi Bldg.

2,930,000

0.2%

2,530,000

2,215,000

0.2%

2,520,000

NBF Matsuyama Nichigin-mae Bldg. Hakata Gion M-SQUARE

3,310,000

0.2%

3,830,000

8,000,000

0.6%

11,700,000

NBF Kumamoto Bldg.

4,500,000

0.3%

4,040,000

Total

1,367,552,988

100.0%

100%

1,548,540,000

(Note 1)	"Acquisition Price" represents in principle the price for which NBF acquired the property. As for the property to be acquired, the future represents
the sale and purchase price set forth in the relevant sale and purchase contract etc. at the time of the decision to acquire the said property
(excluding miscellaneous acquisition costs, fixed assets tax, city-planning tax and consumption tax etc.).
(Note 2)	"Value (Real Estate Appraisal Value)" represents the appraisal value as of the end of 2H/'20 (as of December 31, 2020.)
(Note 3)	The "Appraisal Value" of "Shinjuku Mitsui Bldg." and "GranTokyo South Tower" is as of August 31, 2020.
(Note 4)	As for NBF Shinkawa Bldg. (East Building and Residential Tower), the trust of the Real Property has been / will be established for 50% co-
ownership on each delivery date （December 25, 2020 and March 31, 2021), and the trust beneficiary right in real estate has been / will be
transferred.
(Note 5)	TFhuerth"eArpmporareis, athl eVa"Aluceq"uoisf i"tUioennPorEicaes" toTfo"NwBerF（SAhdidniktiaownalBAldcqgu."isisititohne）p"irsicaesoof fthJeanWuaersyt 3b1u,ild2i0n2g1. .
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