Nippon Building Fund Inc.

Nippon Building Fund Inc. (“NBF”) will comply with the Act on Protection of Personal Information (the “Personal Information Protection Act”) as well as other related laws, regulations and guidelines issued by the relevant administrative agencies, etc. for the treatment of personal information and will endeavor to appropriately handle, manage and protect such information.

NBF will acquire personal information through legal and fair means to the extent necessary to achieve the purposes of use defined in “3. Purpose of Use of Personal Information” below (the “Purpose of Use”).Moreover, sensitive information (those defined in guidelines for personal information protection in the financial field (the “Guidelines in Financial Field”) by the Financial Services Agency and policy on protection of personal information established by The Investment Trusts Association, Japan (the “Policy of the Investment Trusts Association”) will not be acquired or used except for cases stipulated in the Guidelines in Financial Field and the Policy of the Investment Trusts Association. When acquiring personal information, NBF will disclose in advance the Purpose of Use on its website, etc. or notify or disclose the same promptly after acquisition to any individual whose personal information was so acquired. If personal information is acquired directly from an individual in written form, the Purpose of Use shall be expressly disclosed in advance; provided, however, that in the event that the Purpose of Use is considered to be obvious in light of the circumstances of such acquisition or as otherwise permitted by laws and regulations, such notification, disclosure or indication may be omitted.

When acquiring personal information, NBF will disclose in advance the Purpose of Use on its website, etc. or notify or disclose the same promptly after acquisition to any individual whose personal information was so acquired. If personal information is acquired directly from an individual in written form, the Purpose of Use shall be expressly disclosed in advance; provided, however, that in the event that the Purpose of Use is considered to be obvious in light of the circumstances of such acquisition or as otherwise permitted by laws and regulations, such notification, disclosure or indication may be omitted.

Personal information acquired by NBF includes, in addition to that of investors or prospective investors holding investment units of NBF, personal information acquired in connection with acquisition, management or disposition, etc. of assets (the “Asset Management”) by NBF.

Acquired personal information will be used by NBF for the following purposes. NBF will not use personal information in ways that could encourage or induce an illegal or unjust act.

• to exercise rights of unitholders of NBF based on the Act on Investment Trusts and Investment Corporations (the “Investment Trusts Act”) and other laws and regulations, and to fulfill obligations of NBF;
• for NBF to manage assets and to research and review, etc. for the Asset Management;
• to confirm and respond to inquiries, etc.;
• for NBF to properly and smoothly implement general administrative affairs and related services conducted by NBF; and
• to disclose and provide personal information to any third party to the extent necessary to achieve the abovementioned Purpose of Use.

NBF will, except for cases stipulated in laws and regulations, inform the individual in advance of any use of personal information beyond the scope of the Purpose of Use and ask for consent.

NBF will not disclose or provide any acquired personal data including personal information to any third party except for the following cases: Moreover, sensitive information will not be provided to any third party except for cases stipulated in the Guidelines in Financial Field and the Policy of the Investment Trusts Association.

• where an individual has consented to such disclosure or provision;
• where such disclosure or provision is required by laws and regulations;
• where such disclosure or provision is required to prevent death or injury to persons or damage to property and obtaining consent from the individual is difficult thereto;
• where such disclosure or provision is required to improve public health or promote healthy child-rearing and obtaining consent from the individual is difficult thereto;
• where cooperation with national agencies or local public authorities or with any of their representatives in performing administrative affairs stipulated by laws and regulations and obtaining consent from such individual thereto could hinder the implementation of such affairs;
• where NBF entrusts in whole or in part the handling of personal information to contractors who are under NBF's proper control and supervision to the extent necessary for achievement of the Purpose of Use; or
• where such disclosure or provision is permitted by the Personal Information Protection Act or other laws and regulations.

NBF will endeavor to keep personal data both accurate and updated and delete such data without delay when its use is no longer necessary. NBF will also implement necessary and adequate security control measures to prevent any leakage, loss or damage of personal data and safely manage such data. In addition, NBF will make its contractors to which personal data is to be disclosed or provided obligated to take security measures to ensure safe management of personal data, and will supervise the implementation of such security measures.

In the event of any leakage, loss, damage or other incident concerning the security of personal data of which are prescribed by rules of the Personal Information Protection Commission as having a large possibility of harming an individual’s rights and interests, NBF will inform the individual that such incident has occurred pursuant to rules of the Personal Information Protection Commission; provided, however, that this does not apply when informing the individual would be difficult and in which case alternative measure is taken which is necessary to protect the individual’s rights and interests.

Any questions or complaints concerning personal information, or requests for information on any third party in a foreign country to which personal information is provided if there is any such third party, details of the measures taken in the handling of personal information by such third party, or notification of the Purpose of Use, disclosure, correction, addition, deletion, discontinuance of use, erasing, discontinuance of provision to any third party, etc. of retained personal data should be directed to the following contact (Asset Management Company). Information regarding required procedures, etc. will be provided, and action taken in response appropriately in accordance with the Personal Information Protection Act. Consultations, complaints, etc. concerning NBF’s handling of personal information, including security control measures, may also be directed to the following Asset Management Company.

For corrections, additions, deletions, etc. of matters set forth in the Register of Unitholders of NBF, please contact the following Manager of NBF’s Register of Unitholders.

NBF may revise the Privacy Policy to improve the system for protection of personal information, or due to amendment of laws and regulations, etc. Notice of any material change will be provided in an easily comprehensible manner such as by posting on our website.