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To Our Unitholders

Nippon Building Fund Inc. Executive Director

 We would like to express our sincere gratitude to our unitholders for their continued support of Nippon Building Fund, Inc.

 NBF is a J-REIT whose main sponsor is Mitsui Fudosan and whose investment target is office buildings mainly in the central Tokyo area.
 In September 2001, NBF became the first Japanese real estate investment corporation to be listed on the J-REIT section of the Tokyo Stock Exchange, and since then its portfolio has steadily grown.
 As a result of our efforts to secure stable earnings by making maximum use of the know-how of our sponsor, the Mitsui Fudosan Group, in the acquisition and operation and management of our office buildings, we have achieved stable distributions to our unitholders since our listing.

 In addition, ESG initiatives have become a hot topic in recent years, and NBF considers them to be a top management priority and will promote them while building a relationship of trust with unitholders and a wide range of stakeholders. At the same time, we will strive to disclose these initiatives in a positive and appropriate manner.

 As the largest J-REIT in Japan, NBF will continue to manage its assets from a medium- to long-term perspective, aiming to achieve steady growth and secure stable earnings, while making maximum use of the know-how of its sponsor, the Mitsui Fudosan Group.
 We would like to ask for the continued support and encouragement of our unitholders.