日本ビルファンド投資法人（8951） – Notice Concerning Change of Acquisition Price etc. of IIDABASHI GRAND BLOOM

To All Concerned Parties May 31, 2022 Name of REIT Issuer: Nippon Building Fund Inc. Koichi Nishiyama, Executive Director (TSE Code : 8951) Contact: Asset Management Company Nippon Building Fund Management Ltd. Eiichiro Onozawa, President and CEO Person to Contact: Yukio Handa, General Manager (TEL. +81-3-3516-3370) Notice Concerning Change of Acquisition Price, etc. of IIDABASHI GRAND BLOOM Nippon Building Fund Inc. (“NBF”) hereby provides notice that, concering IIDABASHI GRAND BLOOM (“the Property”), which was acquired on September 30, 2021, and March 31, 2022, as announced in “Notice of Acquisition and Disposition of Assets (Acquisition of IIDABASHI GRAND BLOOM, and disposition of Nakanosakaue Sunbright Twin and three other properties)” dated August 16, 2021, and “Notice of Acquisition and Disposition of Assets (Acquisition of Nakanoshima Mitsui Building and one other property, and disposition of Toyo-cho Center Bldg. and two other properties)” dated January 6, 2022, the acquisition price and appraisal value have been changed as a result of concluding a “memorandum” on settlement of acuqisition/disposition price (“the Settlement”) with the seller, Mitsui Fudosan Co., Ltd. (“the Seller”), today. 1．Background of the Change Description After NBF acquired the Property, it was revealed that some of the information on the operation and management of the Property had not been provided to NBF by the seller and additional costs would be incurred for the management. NBF evaluated the Propery again and held talks with the seller. As the result, it was agreed that the seller would settle account by paying NBF 287,581,872 yen (Offset amount of received by NBF: 290,898,000 yen and paid by NBF: 3,316,128 yen) June 30, 2022, NBF changed the acquisition price after concluding the “memorandum” today. 2. Outline of the Property Acquisition date Asset acquired A September 30, 2021 Ｂ March 31, 2022 Net floor area ownership ratio: approx. 41.10% Land: ownership (site rights ratio approx. 39.54%) Building: sectional ownership (part of retail store space on the 1st- 3rd floors; 4,070.86 m2, and office space on a part of 6th floor, 9th, 10th, and 15th-22nd floors; 27,079.40 m2) * The target of the acquisition includes the co-ownership interest in the common area pertaining to the building (including ancillary facilities, etc.) (58,440,885/147,818,727 of the common area). Net floor area ownership ratio: approx. 17.45% Land: ownership (site rights ratio approx. 18.17%) Building: sectional ownership (office space on the 23rd-27th floors; 13,228.80 m2) * The target of the acquisition includes co-ownership interest in the common area pertaining to the building (including ancillary facilities, etc.) (26,851,691/147,818,727 of the common area). 3. Detail of the Change (1) Acquisition price (2) Appraisal value A B A B 4. Future Outlook Acquisition date Before the change After the change September 30, 2021 77,600,000,000 77,405,047,000 March 31, 2022 36,200,000,000 36,104,055,000 As of Before the change After the change June 30, 2021, December 31, 2021 84,900,000,000 84,700,000,000 November 30, 2021 40,400,000,000 40,200,000,000 (yen) (yen) Since the change will have little impact on the operating results of NBF for the periods ending June 30, 2022, and December 31, 2022, there will be no change to the forecast operating results for those periods. 5. Summary of Appraisal Reports < IIDABASHI GRAND BLOOM （A） > Property Name Appraisal Value Appraiser Date of Valuation IIDABASHI GRAND BLOOM ¥84,700,000,000 Daiwa Real Estate Appraisal Co., Ltd. June 30, 2021 Item Remarks Breakdown (in thousands of yen) Appraisal value based on income method 84,700,000 Estimated by combining the appraisal values under the DCF method and the direct capitalization method Appraisal value based on direct capitalization method (1) Operating Revenue ((i) – (ii)) 86,600,000 3,843,592 (i) Effective gross income 3,960,416 Estimated based on income consisting of rents, common area charges, utility charges, facility charges etc. which are deemed stable on a mid- and-long-term basis (ii) Losses from vacancy, etc. 116,823 Estimated based on a vacancy rate which is deemed stable on a (2) Operating Expenses 1,149,792 mid- and-long-term basis Building Maintenance Costs/ Property 638,549 Estimated based on past results verified applying the level of Management Fees maintenance costs/property management fees for similar real Utilities Expenses 196,759 Estimated based on past results verified applying the level of utilities Repair Expenses 43,947 Estimated based on the Engineering Report as well as the level of Leasing Expenses, etc. 30,160 Estimated based on the assumed turnover rate and the level of properties expenses for similar real properties repair expenses for similar real properties leasing expenses for similar real properties 230,292 Estimated based on actual taxes in fiscal 2021 3,451 Estimated based on insurance rates etc. for similar real properties 6,635 Recorded by also taking into consideration the interest based on past results for welcome service costs. (3) Net Operating Income 2,693,801 (4) Investment Income from Temporary 34,784 Estimated applying investment return of 1.0% (5) Capital Expenditure 302,395 Recorded by also taking into consideration the level of the above repair expenses based on the reserve for repairs specified by the Taxes & Public Duties Insurance Premiums Other Expenses ((1)-(2)) Deposits (6) Net Income ((3)+(4)-(5)) (7) Capitalization Rate Appraisal value based on DCF method 83,900,000 Discount Rate management association 2,426,190 2.8% 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 2.6% 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 adopted in determining the capitalization rate as well as future uncertainty, liquidity and marketability etc. *Amounts less than one thousand yen are rounded to the nearest thousand. Integrated value based on cost method Proportion of land Proportion of building 65,200,000 78.1% 21.9% Matters specifically considered in adjustment of estimated None amounts and determination of appraisal value Terminal Capitalization Rate 3.0% Estimated taking into consideration the characteristics of net income (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. < IIDABASHI GRAND BLOOM （B） > Property Name Appraisal Value Appraiser Date of Valuation IIDABASHI GRAND BLOOM ¥40,200,000,000 Daiwa Real Estate Appraisal Co., Ltd. November 30, 2021 Item Remarks Breakdown (in thousands of yen) Appraisal value based on income method 40,200,000 Estimated by combining the appraisal values under the DCF method and the direct capitalization method Appraisal value based on direct capitalization method (1) Operating Revenue ((i) – (ii)) 41,200,000 1,710,075 (i) Effective gross income 1,762,488 Estimated based on income consisting of rents, common area charges, utility charges, facility charges etc. which are deemed stable on a mid- and-long-term basis (ii) Losses from vacancy, etc. 52,413 Estimated based on a vacancy rate which is deemed stable on a (2) Operating Expenses 448,305 mid- and-long-term basis Building Maintenance Costs/ Property 243,206 Estimated based on past results verified applying the level of Management Fees maintenance costs/property management fees for similar real Utilities Expenses 65,698 Estimated based on past results verified applying the level of utilities Repair Expenses 20,192 Estimated based on the Engineering Report as well as the level of Leasing Expenses, etc. 13,768 Estimated based on the assumed turnover rate and the level of properties expenses for similar real properties repair expenses for similar real properties leasing expenses for similar real properties 100,559 Estimated based on actual taxes in fiscal 2021 1,585 Estimated based on insurance rates etc. for similar real properties 3,297 Recorded by also taking into consideration the interest based on past results for welcome service costs. (3) Net Operating Income 1,261,770 (4) Investment Income from Temporary 15,696 Estimated applying investment return of 1.0% (5) Capital Expenditure 122,714 Recorded by also taking into consideration the level of the above repair expenses based on the reserve for repairs specified by the Taxes & Public Duties Insurance Premiums Other Expenses ((1)-(2)) Deposits (6) Net Income ((3)+(4)-(5)) (7) Capitalization Rate Appraisal value based on DCF method 39,800,000 Discount Rate management association 1,154,752 2.8% 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 2.6% 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 adopted in determining the capitalization rate as well as future uncertainty, liquidity and marketability etc. *Amounts less than one thousand yen are rounded to the nearest thousand. Integrated value based on cost method Proportion of land Proportion of building 29,100,000 78.7% 21.3% Matters specifically considered in adjustment of estimated None amounts and determination of appraisal value Terminal Capitalization Rate 3.0% Estimated taking into consideration the characteristics of net income (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. End This English language notice is a translation of the Japanese language notice dated May 31, 2022, 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.