Japan Exchange : Notice Concerning Expected Change of Directors & Auditors of Asset Management Company

March 10, 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 Expected Change of Directors & Auditors

of Asset Management Company

Nippon Building Fund, Inc. ("NBF") hereby provides notice that the Board of Directors of Nippon Building Fund Management, Ltd. ("NBFM"), to which NBF entrusts asset management services, resolved in writing, pursuant to Article 370 of the Companies Act, as of today to submit a proposal, in accordance with Article 319, Paragraph 1 of the Companies Act, to nominate the following persons as candidates for the positions of director and auditor of NBFM, with the appointment being the purpose of the shareholders meeting.

Description

1. Director and Auditor to be Appointed

Director (full-time): Tetsuya Saito (as of March 30, 2020)

Auditor (part-time): Hiromu Yamanaka (as of April 1, 2020)

(career summary of the director and auditor to be appointed is as attached)

2. Director and Auditor to Retire

Director (full-time): Miki Takahashi (as of March 29, 2020)

Auditor (part-time): Makoto Ishida (as of March 31, 2020)

Required procedures such as notification etc. of the above change will be taken in accordance with the provisions of the Financial Instruments and Exchange Act, the Building Lots and Building Transactions Business Act and other applicable laws and regulations.

End

				Attachment
Title	Name		Career Highlights
Director	Tetsuya	April 1993	Joined Sumitomo Life Insurance Company
July 2007	Special Staff Manager of Credit Risk Analysis Sect.-
(full-time)	Saito
	II of the same
		October 2007	Assistant General Manager of Tenant Sales Sect. of
			the same
		March 2009	Seconded to Osaka Nishi Transportation Co., Ltd.
			General Manager of Planning Sect.
		April 2013	Senior Special Staff Manager of Real Estate
			Investment Sect. of Sumitomo Life Insurance
			Company
		March 2014	Senior Assistant General Manager of Real Estate
			Dept. of the same
		March 2018	Manager of Real Estate Investment Sect. of the
			same (current)
		March 2020	To be seconded to Nippon Building Fund
			Management Ltd. (expected)
			To be appointed as Director and Chief Operating
			Officer (expected)
Auditor	Hiromu	April 1984	Joined Mitsui Fudosan Co., Ltd.
(part-time)	Yamanaka	April 2000	Seconded to Mitsui Fudosan Housing Service Co.,
			Ltd.
			Senior Manager of High-Rise Apartment Building
			Business Dept.
		April 2001	HRD Manager, General Administration Dept. of the
			same
		April 2004	Executive Manager of Business Group, Yokohama
			Branch of Mitsui Fudosan Co., Ltd.
		October 2006	Seconded to Mitsui Fudosan Residential Co., Ltd.
			Executive Manager of Planning Group, Yokohama
			Branch
		April 2008	Director of Uniliving Co., Ltd.
		April 2013	Executive Manager, Planning and Administration
			Group, Affiliated Business Department of Mitsui
			Fudosan Co., Ltd. (current)
		March 2018	Director of Nippon Building Fund Management, Ltd.
		Retired as Director of the same
		April 2020	To be appointed as Auditor of the same (expected)

This English language notice is a translation of the Japanese language notice dated March 10, 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.