Japan Exchange : Notice Concerning Debt Financing

March 9, 2020

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 Financing

Nippon Building Fund, Inc. ("NBF") hereby provides notice that the following was decided as of March 9,

2020 concerning short-term borrowings:

Description

1. Short-term Borrowings

	Amount	Interest	Expected Date	Methods of Borrowing,	Repayment
Lender	of	Repayment, Security and
Borrowed	Rate	Due Date
	Implementation	Guarantee etc.
Sumitomo Mitsui	¥2 billion
Trust Bank, Limited
			Unsecured,
Mizuho Bank, Ltd.	¥1 billion	0.099%	March 11,	unguaranteed, repayable	April 10,
2020	in one lump sum on	2020
				repayment due date
Resona Bank, Limited	¥1 billion

*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 Total ¥4 billion
2. Specific use of proceeds
   Partially funding the payment of a cash distribution for the 37th period
3. Expected date of expenditure March, 2020
4. • 1 -

3. Status of Borrowings etc. following the financing

			(Unit: million yen)
	Before	After		Increase /
	Financing	Financing		Decrease
Short-term borrowings	0	4,000		4,000
Long-term borrowings	28,000	28,000		0
(Floating interest rate)
Long-term borrowings	368,500	368,500		0
(Fixed interest rate)
Bonds	37,000	37,000		0
Total	433,500	437,500		4,000

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 September 27, 2019 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 March 9, 2020 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.

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