Notice of Acquisition of Assets (Delivery of NBF Toyosu Garden Front)

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1 April 1, 2008 To All Concerned Parties Name of REIT Issuer: Nippon Building Fund, Inc. Sadafumi Abe, Executive Director (TSE Code : 8951) Contact: Asset Management Company Nippon Building Fund Management, Ltd. Koichi Nishiyama, President and CEO Person to Contact: Yasushi Akimoto, General Manager (TEL ) Notice of Acquisition of Assets (Delivery of NBF Toyosu Garden Front) Nippon Building Fund, Inc. ( NBF ) hereby provides notice, in connection with the notices of September 28, 2006, June 5, 2007 and January 16, 2008 with respect to the acquisition of the NBF Toyosu Garden Front, that the transfer of the said property was completed as follows: Descriptions 1 Outline of the Acquisition 1) Acquired Assets: Real estate 2) Name of Acquired Assets: NBF Toyosu Garden Front (hereinafter, the Property ) 3) Acquisition Price: 25,018,000,000 (provided, however, that miscellaneous acquisition costs, fixed assets tax, city-planning tax and consumption tax are not included in this amount) 4) Date of Contract: September 28, ) Date of Transfer: March 31, ) Acquired From: SHIMIZU CORPORATION (please refer to Section 3 hereinbelow for a description of the seller) 7) Acquisition Funds: Existing capital plus loans etc. 8) Payment Method: Lump-sum payment at the time of transfer 2 Outline of Assets Acquired 1) Type of Specified Assets Real estate 2) Location (Description in Real Property Registry) Land: 6 ban 7, Toyosu 5-chome, Koto-ku, Tokyo 1

Koichi Nishiyama, President and CEO Person to Contact: Yasushi Akimoto, General Manager (TEL.

2 Building: 6 banchi 7, Toyosu 5-chome, Koto-ku, Tokyo (Street Address) 6-15, Toyosu 5-chome, Koto-ku, Tokyo 3) Use (primary use listed in Real Property Registry) Offices 4) Type of Ownership 100% ownership 5) Square meters (Description in Real Property Registry) (i) Land: site area: 12, m2 (ii) Building: total floor space: 35, m2 6) Structure (Description in Real Property Registry) Steel frame structure, flat roof, 9 floors above ground 7) Completion (Description in Real Property Registry) September 7, ) Design and Construction Design: SHIMIZU CORPORATION Construction: SHIMIZU CORPORATION 9) Valuation Valuation prepared by Daiwa Real Estate Appraisal Co., Ltd. Appraisal Value: 31,700,000,000 Date of Valuation: March 1, 2008 Summary of Valuation Item Value Profit price 31,700,000,000 Price based on direct capitalization method 32,000,000,000 Net revenue 1,566,654,000 Cap rate 4.9% Price based on DCF method 31,600,000,000 Discount rate 4.7% Terminal cap rate 5.1% Integration value 21,200,000,000 Percentage for land 64.6% Percentage for building 35.4% 10) Earthquake PML 3.5% (obtained from the building condition investigation report prepared by Engineering & Risk Services Corporation) 11) Existence of Secured Interests (liens) None 12) Description of Tenants The tenancy situation as of March 24, 2008 is as follows: 2

93 m2 6) Structure (Description in Real Property Registry) Steel frame structure, flat roof, 9 floors above ground 7) Completion (Description in Real Property Registry) September 7, 2007 8) Design

3 Total number and summary of lessees: three (3) companies (3 general business companies) Total rentable area: 28, m2 Total leased area: 28, m2 Occupancy Rate: 100% Total lease deposit amount: 1,765 million 3 Outline of Seller (as of December 1, 2007) 1) Name: SHIMIZU CORPORATION 2) Address: 2-3, Shibaura 1-chome, Minato-ku, Tokyo 3) Representative: Yoichi Miyamoto, President & Representative Director 4) Capital: 74,365 million 5) Principal Business: Contracting of building and engineering construction (general contractor) 6) Principal Shareholders: Listed on the First Section of the Tokyo Stock Exchange (Top three investors (by percentage)) Shimizu Jisho Co., Ltd. Japan Trustee Services Bank, Ltd. (trust account) Shimizu Fund, Social Welfare Corporation 7) Relationship with NBF: None 4 Transactions with Interested Parties etc. 1) Operation and Management For real estate etc. acquired by NBF, Office Management Business including profit management, operation and management of real estate etc. is in principle entrusted to Mitsui Fudosan Co., Ltd., an Interested Party etc. of the asset management company. The same will apply to the current acquisition. 5 Acquisition Schedule September 28, 2006 September 28, 2006 January 16, 2008 March 31, 2008 Determination to make acquisition Execution of a sale and purchase agreement Determination of the final sale and purchase price Delivery 6 Forecasted Management Situation as at the close of June, 2008 As the forecasted management situation for the period ending June 30, 2008 announced as of February 14, 2008 was premised on the acquisition of the Property, there is no change to such forecast. This English language notice is a translation of the Japanese language notice dated March 31, 2008 and was End 3

Representative: Yoichi Miyamoto, President & Representative Director 4) Capital: 74,365 million 5) Principal Business: Contracting of building and engineering construction (general contractor) 6)

4 prepared solely for the convenience of, and reference by, overseas investors. NBF makes no warranties as to its accuracy or completeness. <Attached Materials> Reference Material 1 Estimated Revenues and Expenses from the Property Acquired Reference Material 2 Map of the Property Reference Material 3 Exterior Appearance of the Property Reference Material 4 Summary of Portfolio after Acquisition of the Property 4

<Attached Materials> Reference Material 1 Estimated Revenues and Expenses from the Property Acquired

5 Reference Material 1 Estimated Revenues and Expenses from the Property Acquired (in million yen) Revenues (including ancillary revenues) 2,046 Expenses (excluding depreciation) 404 public imposts and taxes 131 miscellaneous 273 expenses management entrustment fees, 271 costs of repair etc. insurance premiums 2 Property NOI (Net Operating Income) 1,642 (Premises upon which Estimated Revenues and Expenses are based) 1. The above figures represent annualized revenues and expenses after exclusion of extraordinary factors for the year of acquisition (and are not estimated figures for the following fiscal year). 2. Revenues are premised upon a 95% occupancy rate. 5

insurance premiums 2 Property NOI (Net Operating Income) 1,642 (Premises upon which Estimated Revenues and Expenses are based) 1.

6 Reference Material 2 Map of the Property 6

7 Reference Material 3 Exterior Appearance of the Property <Photograph of Exterior Appearance> <Sub-entrance> 7

8 Reference Material 4 Summary of Portfolio after Acquisition of the Property Area Tokyo CBDs Other Greater Tokyo Name of Building Acquisition Price (Yen in thousands) (Note 1) Percentage Percentage of each area Value (Real Estate Appraisal Value) (Yen in thousands) (Note 2) Yamato Seimei Bldg. 63,500, % 70,900,000 Nishi-Shinjuku Mitsui Bldg. 44,903, % 56,300,000 Shiba NBF Tower 32,000, % 37,000,000 NBF Platinum Tower 31,000, % 59,900,000 Gate City Ohsaki 30,100, % 35,800,000 Toranomon Kotohira Tower 24,543, % 36,500,000 NBF Nihonbashi Muromachi Center Bldg. 23,945, % 34,100,000 Nakameguro GT Tower 23,856, % 32,000,000 (tentative name) Surugadai Project (Note 3) 20,840, % 20,840,000 NBF Ginza Street Bldg. 17,000, % 16,500,000 Shinjuku Mitsui Bldg. No.2 16,285, % 24,400,000 GSK Bldg. 15,616, % 20,300,000 NBF Toranomon Bldg. 13,337, % 19,700,000 Kowa Nishi-Shinbashi Bldg. B 13,217, % 21,600,000 Nippon Steel Bldg. No.2 12,614, % 62.1% 15,660,000 NBF Alliance 9,126, % 11,600,000 Yotsuya Medical Bldg. 8,800, % 9,170,000 Shibuya Garden Front 8,700, % 17,400,000 NBF Shibuya East 8,000, % 8,000,000 NBF Shiba Koen Bldg. 6,770, % 8,900,000 NBF Takanawa Bldg. 6,667, % 8,920,000 NBF Akasaka Sanno Square 6,250, % 8,630,000 Sumitomo Densetsu Bldg. 5,365, % 6,650,000 NBF Higashi-Ginza Square 5,200, % 7,790,000 NBF Ogawamachi Bldg 4,940, % 6,390,000 NBF Ikebukuro Tower 4,695, % 6,220,000 NBF Ikebukuro City Bldg. 4,428, % 5,620,000 NBF Sudacho Verde Bldg. 3,280, % 4,470,000 NBF Ebisu Minami Bldg. 1,000, % 1,520,000 Nakanosakaue Sunbright Twin 40,750, % 40,056,284 IST Bldg. (Note 4) 35,200, % 39,500,000 NBF Toyosu Garden Front 25,018, % 25,018,000 Shin-Kawasaki Mitsui Bldg. 20,300, % 21,900,000 Yokohama ST Bldg. 13,529, % 22,300,000 Parale Mitsui Bldg. 3,800, % 4,490,000 NBF Atsugi Bldg. 2,300, % 2,540, % Tsukuba Mitsui Bldg. 8,875, % 9,710,000 NBF Utsunomiya Bldg. 2,435, % 2,830,000 S-ino Omiya North Wing 16,816, % 22,700,000 Daido Life Omiya Bldg. 2,361, % 2,580,000 NBF Urawa Bldg. 2,000, % 2,150,000 Shin-Urayasu Center Bldg. 15,700, % 15,700,000 NBF Matsudo Bldg. 2,455, % 2,760,000 Sapporo L-Plaza 4,404, % 6,770,000 NBF Sapporo Minami Nijo Bldg. 1,870, % 1,820,000 NBF Sendai Honcho Bldg. 3,566, % 4,190,000 NBF Unix Bldg. 4,028, % 4,370,000 NBF Niigata Telecom Bldg. 3,957, % 4,570,000 NBF Nagoya Hirokoji Bldg. 7,232, % 8,336,000 Aqua Dojima NBF Tower 17,810, % 24,800,000 Shinanobashi Mitsui Bldg. 14,400, % 15,700,000 Sun Mullion NBF Tower 10,500, % 10,900,000 Other Cities Sakaisuji-Honmachi Center Bldg. 6,500, % 12.4% 7,880,000 NBF Sakai-Higashi Bldg. 2,227, % 2,330,000 NBF Tanimachi Bldg. 1,944, % 2,210,000 Aqua Dojima East 1,914, % 2,490,000 NBF Shijo Karasuma Bldg. 1,627, % 1,860,000 NBF Hiroshima Tatemachi Bldg. 2,930, % 3,230,000 Hiroshima Fukuromachi Bldg. 835, % 955,000 NBF Hakata Gion Bldg. 2,629, % 2,800,000 NBF Kumamoto Bldg. 4,500, % 4,500,000 Total 750,394, % % 936,725,284 (Note 1) Acquisition Price represents in principle the price for which NBF acquired the property. The Acquisition Price for property to be acquired in the future represents the sale and purchase price set forth in the relevant sale and purchase contract etc. (Note 2) The Value (Real Estate Appraisal Value) figures in the above table are in principle the appraisal values disclosed as of the end of December 2007 (the appraisal value of real estate with date of valuation being December 31, 2007); provided, however, tha (Note 3) Expected to be acquired on April 30, (Note 4) The name of the building will be changed to the Toyosu Canal Front as of April 1,

98% 56,300,000 Shiba NBF Tower 32,000,000 4.26% 37,000,000 NBF Platinum Tower 31,000,000 4.13% 59,900,000 Gate City Ohsaki 30,100,000 4.01% 35,800,000 Toranomon Kotohira Tower 24,543,000 3.

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