Participation in GRESB Real Estate Assessment

The "GRESB Assessment" is an annual benchmark survey for evaluating environmental, social and governance (ESG) considerations in the real estate sector, established in 2009 primarily by major European pension fund groups.

The characteristic of the GRESB Real Estate Assessment is that it evaluates sustainability efforts by real estate companies and REITs, etc., not of individual properties. During the 2022 Assessment, NBF's initiatives were highly appreciated in both dimensions of "Management Component" and "Performance Component" as sustainability efforts, and it received a "Green Star", for the eighth consecutive year. NBF also received a "5-Star", the most superior rating, based on its overall GRESB Score ranking. In the 2022 GRESB Public Disclosure Level evaluation scheme, the initiatives of NBF were highly evaluated in both dimensions of our proactive information disclosure practices in connection with environmental and sustainability initiatives, and NBF received an "A", the most superior rating.

NBF will disclose information on its ESG activities to investors through GRESB assessment while utilizing the assessment results as an opportunity to improve its initiatives.

Inclusion in MSCI Japan ESG Select Leaders Index

NBF was selected as a constituent of the MSCI Japan ESG Select Leaders Index (the “Index") provided by MSCI Inc. in June 2021.

The Index selects companies from Japan's top 700 listed companies in the MSCI Japan Investable Market Index (IMI) based on their ESG (Environmental, Social and Governance) performance relative to their respective industries. Japan’s Government Pension Investment Fund (GPIF) has adopted the Index as a benchmark for ESG investing.

• THE INCLUSION OF [ISSUER ENTITY NAME] IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF [ISSUER ENTITY NAME] BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.
• (For further information on MSCI, please refer to the following.)