NBF Report Jan.-Jun. 2002 2nd Period

NBF Report Jan.-Jun. 2002

2nd Period
From : January 1, 2002
To
: June 30, 2002

Office Building Fund of Japan, Incorporated

2-7-2 Yaesu, Chuo-ku, Tokyo, Japan

http://www.nbf-m.com/nbf/

Office Building Fund of Japan, Inc
Corporate Data

Table of Contents
Pages

Introduction

1

Portfolio Snapshot

2

Related Entities of NBF

15

I Performance Information Report17

Investment Performance Overview

18

Overview of NBF

23

Outline of Investment Portfolio

27

Capital Expenditures

34

Expenses regarding Entrustment etc.

35

Trading Activities during the Current Period

36

II Financial Statements
Corporate Data

Corporate Office:2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810
www.nbf-m.com/nbf/
Date of Inception:
March 16, 2001
Capital:Contributed capital and common shares issued and outstanding as of June 30, 2002:¥148,899 million
280,700 shares

38

Back cover

Shareholders:
13,262 (As of June 30, 2002)

The preparation of this report reflects the most recent six-month accounting period of NBF (ended June 30, 2002). The report with respect to the first
period (ended December 31, 2001) includes a “Message from NBFM to the NBF Shareholders” as well as information concerning “Investment Policies ofNBF”, “Distribution Policies of NBF”, “Overview of Related Operating Entities”, “Investment Objects and Investment Restrictions”, which are excluded
herefrom (and from any even-numbered period report) but are available by reference to NBF’s previous period report.

This document contains translations of selected information described in the Securities Report (yuka shoken hokokusho) filed on
September 26, 2002 pursuant to the Securities Exchange Law of Japan, and the Financial Statements and the Performance Information Report forthe period from January 1, 2002 to June 30, 2002, of Office Building Fund of Japan, Inc. prepared pursuant to the Investment Trust Law of Japan.
This English language document was prepared solely for the convenience of and reference by overseas investors and neither
corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language Securities Report
and the Financial Statements and the Performance Information Report for the aforementioned period should always be referred to as originals of
this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of theequivalent Japanese terms. With respect to any and all terms herein, including without limitation, financials statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained herein, theoriginal Japanese documents will always govern the meaning and interpretation. None of Office Building Fund of Japan, Inc., Office Building FundManagement Japan, Ltd. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the portions(s) of any document(s) translated
into English. No person has been authorized to give any information or make any representations other than as contained in this document inrelation to the matters set out in this document, and if given or made, such information or representation must not be relied upon as having beenauthorized by Office Building Fund of Japan, Inc., Office Building Fund Management Japan, Ltd. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of Office Building Fund of Japan, Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP) which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs as wellas our assumptions based solely on certain limited information currently available to us. Because these statements reflect our current views
concerning future events, these statements involve known and unknown risks, uncertainties and assumptions. Our future performance could
materially differ from those set out in these forward-looking statements. We do not undertake and will not undertake to release revisions offorward-looking statements to reflect future events or circumstances or of any other statements or information contained herein.

Transfer Agent
The Chuo Mitsui Trust and Banking Co., Ltd.
3-33-1, Shiba, Minato-ku, Tokyo, 168-0023, Japan+81-3-3323-7111
Independent Public Accountants
Asahi & Co.
Asahi Center Building
1-2, Tsukudo-cho, Shinjuku-ku, Tokyo, 162-8551, Japan
Investor Relations
For further information, please contact our asset management company:
Investor Relations of Financial Department
Office Building Fund Management Japan, Ltd.
2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810

Office Building Fund of Japan, Incorporated

Introduction
Office Building Fund of Japan, Incorporated (hereinafter “NBF”, being an abbreviation of “Nihon
Building Fund toshi-hojin”) was formed on March 16, 2001 in Japan as an investment corporation
under the Law concerning Investment Trusts and Investment Corporations of Japan (“the Investment
Trust Law of Japan”) with the objective investing assets consisting primarily of Designated Assets(as this term is defined in the Investment Trust Law of Japan), and in accordance with said law
which requires an investment corporation to be managed by an external entity, management of such
assets is entrusted to an asset management company (in this case, Office Building Fund Management
Japan, Ltd. hereinafter “NBFM”, being an abbreviation of “Nihon Building Fund Management”)
which undertakes such asset management.
NBF’s primary investment objective is to achieve sustainable growth in portfolio value and stableprofits on a mid-term to long-term basis. NBF intends to achieve this objective by investing in realestate consisting of buildings primarily used for offices and their underlying land located in Tokyo
Central Business Districts (hereinafter “CBDs”), Other Greater Tokyo and Other Cities in Japan aswell as securities, beneficiary certificates representing beneficiary interests in trusts (hereinafter“beneficiary certificates”) and other assets backed by office properties (collectively hereinafter “RealEstate etc.” )NBF, which is a public company, is a closed-end fund whose shares are non-redeemable upon
demand by a shareholder. The accounting period is six months, except for the first term. For tax
reporting purposes, NBF may deduct its cash dividends of profits from taxable income underJapanese tax regulations if it distributes to its shareholders amounts being in excess of 90% of
taxable income for the period and complies with other organizational and operational requirements.
NBF will continue its efforts to satisfy these requirements.

History of NBF
March 16, 2001

Established by founders: Mitsui Fudosan Co. Ltd., The Chuo Mitsui
Trust and Banking Co., Ltd., and NBFM (formerly “MF AssetManagement Co., Ltd.”)

May 10, 2001

Registration under Article 187 of the Investment Trust Law of JapanMay 23, 2001

Commencement of business (acquiring trust beneficiary certificateswith respect to properties consisting of 22 office buildings held in
trust)

September 10, 2001

Listing of common shares of NBF on the Japanese Real Estate
Investment Trust (hereinafter “J-REIT”) section of the Tokyo Stock
Exchange.

1Portfolio Snapshot
Asset allocation

Regional allocation
Total Real Estate etc. ¥244,577 mil.

Total Assets ¥278,975 mil.

Other Greater Tokyo
36,348million (14.9%)

Other Cities
34,223million (14.0%)

Real estate
2,567million(0.9%)
Real estate held in trust
242,010mil. (86.8%)

Deposits and other assets
34,399mil. (12.3%)

Tokyo CBDs
174,006million (77.1%)

Note: Figures above are based on the book value as of June 30, 2002.

Occupancy rates

(%)

99.9

99.8

99.8

99.8

99.8

99.8

99.9

99.9

99.9

99.8

99.7

99.8

99.8

96.9

97.2

97.2

97.5

97.6

97.3

97.4

97.2

97.3

97.4

97.2

97.0

94.8

94.6

95.0

95.0

95.6

95.9

94.2

95.3

94.9

93.7

92.8

92.7

92.6

92.5

92.6

Apr 30

May 31

Jun 30Jul 31

Aug 31

100
95

90

96.9

97.0

94.4

94.1

93.6

91.4

91.6

Aug 31

Sep 30

93.8

93.8

93.0

93.0

93.4

Oct 31

Nov 30Dec 31

92.8

93.6

99.8

90.5

85

80

0

May 232001

Jan 312002

1st PeriodTokyo CBDs

Feb 28

Mar 31

2nd Period
Other Greater Tokyo

Other Cities

Note: Occupancy rates: Ratio of gross leased area to total rentable area

2

3rd Period
Total

Office Building Fund of Japan, Incorporated

Acquisition
NBF acquired the following property on September 30, 2002. An overview of the property as of its date of acquisition is as follows.

Nishi-Shinjuku Mitsui Building

Acquisition date:

September 30, 2002

Outline of Acquired Property : condominium interest being 18th floor
Acquisition prices:¥1,603 million

Acquisition structure:

Real Estate

Location:

24-1, 6-chome, Shinjuku -ku, Tokyo

Site area:

Size of total site 10,014.02m2(including officebuilding , residential building and common area)

Floor area of building:floor space of divided condominium interests are
1,558.18m2 out of the gross floor area of the entire
building: 84,634.02m2(including the office building ,the residential building and common areas)

Structure:

Steel-framed reinforced concrete building, Flat roof

Completion:

April 28, 1999

Above ground: 27 floors, below ground: 2 floors
Number of tenants:

1

Rentable area:

1,576.23m2

Leased area:

1,576.23m2

Occupancy rate:

100%

NBF plans to acquire the following property on February 3, 2003. An overview of the property as of August 22, 2002 (date of the acquisition
contract) is as follows.

Naka-Meguro GT Tower

Expected Acquisition date: February 3, 2003
Outline of Acquired Property : condominium interest
Acquisition price:¥13,763 million
Acquisition structure:
Real Estate
Location:
1-1, 2-chome, Kami- Meguro , Meguro-ku, Tokyo
Site area:
6,971.15m2 (including an office building , a
residential building and a building for retail,residential and public use) in which NBF holds aninterest of 46.8819%.
Floor area of building:Gross floor area of the entire building: 56,171.33m2
Floor space of divided condominium interests of NBF:
office: condominium interest in the 14th to 25th floors of the office building
totaling 11,485.20m2
retail : condominium interest in the B1 and B2 floors of the office building
totaling 2,051.15m2

Structure:

Steel-framed reinforced concrete building, Flat roof
Above ground: 25 floors, below ground: 3 floors
Completion:
March 25,2002
Expected Number of tenants: 1 (Note3)
Rentable area:
13,569.15m2
Expected Leased area: 13,569.15m2
Expected Occupancy rate: 100%
Note 1. Site area and construction date stated in the outlines are as specified in the real estate register.
Note 2. Acquisition price and expected acquisition price stated does not include national consumption tax, regional consumption tax and miscellaneous costs ofacquisition.
Note 3. Mitsui Fudosan is the tenant of the property and a master lessor of 15 sub-tenants as of October 1, 2002.

3

Location of Office Properties
Tokyo CBDs
Kita-ku

Itabashi-ku

Arakawa-ku
IkebukuroHaToshima-ku
oshima-ku

Nippori

ku

sa

n-

dori

Av
e.

Bunkyo- -ku

i-d ori-

Sumida-ku

Chiyoda-ku
Chiyoda-ku

tob
So

-

Ome-kaido Ave.

Shinjuku-kuorNakanosakaue

Ave.

Meiji-do- ri

Ave.

Chu- o- Line

Taito- -ku

Showa-do- ri Av
e.

Ueno

Shinjuku

Mitsukoshimae

Ko

Hib
iya
-dori Ave.

- Ave.
o- aid- shu-ke.

Shibuya-ku- ri Av

o

a-d

am
Aoy

-

Imperial Palace

YotsuyaOtemachi-Kiyosubashi-dori Ave.

To-kyo-Ko- to- -ku.
ve- ri Aodgi-ToranomonnpoShinbashi

Chu- o- -kupRoRoppongi

Shibuya

Yam
te L

ano

e.
Av

TamachiineNakameguro.
ve- ri A
do
tema
Ya

- ri
o
-d
wa
a
ag
m
Ta

Hamamatsucho-

Minato-ku

Setagaya-ku

Meguro-ku

ShinagawaTo- kyo- -Bay

keih
in

Hig

Daini-hwaykeihinH

igh way

Shinaga
Shina
Shinagawa-ku
gawa-ku
wa-ku

chi-

Express way

Daii

JR LineSubway Ginza Line
Subway Marunouchi Line

(Other Greater Tokyo)
Nakano-Sakaue Sunbright Twin

Subway Hibiya Line-NKK Headquarters’ Bldg.
Shiba NBF Tower
Shinjuku Mitsui Bldg. No.2
GSK Bldg.
Kowa Nishi Shinbashi Bldg. B
Nihonbashi Muro-machi Center Bldg.
Takanawa 1-chome Bldg.
Mita City Bldg.
Shinjuku Yocho-machi Bldg.
Nishi-Shinjuku Mitsui Bldg.
Naka-Meguro GT Tower-

Subway Hanzomon Line4

Office Building Fund of Japan, Incorporated

IBARAKI- et

Jo

ToSh hok
ink u
an
se

n

Tsukuba Mitsui Bldg.

Joban

Tsukuba(temporaly)

Ex
pw
y

Other Greater Tokyosu

TSUKUBA-SHISh

SAITAMAin

5)x
E plan
baing
u
k n

uE

en

ok

ns

-h
To

ka

s 00
es r 2
pr fo

xp

n

wy

u e
Ts Op
(

-

Omiya

e
Lin
- an
Job

Daido Life Omiya Bldg.
SAITAMA-SHI
SAITAMA-SHI
Ka
net

pwy
n Ex

su

- Gaika

Ex

o
Toky

pw

Matsudo City Bldg.
MATSUDO-SHI
MATSUDO-SHI

y

-

-

TOKYO

MatsudoTokyo CBDs
MUSASHINO-SHI

CHIBA

Kitasenju

Nakano-Sakaue
Sunbright Twin

Shinjuku

Akihabara-

tohi-kanHigas yExpw

To-kyo--CHOFU-SHI
- Exp
-o

Chu

wy

Shibuya
Inagekaigan

CHIBA-SHI
ShinagawaInage Kaigan Bldg.

Chiba

Tom
ei
Ex
pw
y

Other Cities
To- kyo- -Bay

Kawasaki

KANAGAWAKAWASAKI-SHI
KA ASAKI-SHI

YOKOHAMA-SHI
Yokohama

Tok

yowa

nA

qu

aL

ine

Sapporo Minami Bldg.

Yokohama ST Bldg.

JR LineExpress Way

Daido Life Sendai Bldg.

Niigata Telecom Bldg.

Unix Bldg.
Shijo Karasuma Minami Bldg.

Other Greater Tokyo

Hamamatsu City Bldg.
Hakata Gion 21 Bldg.

Sakai Higashi Center Bldg.
Otemae Center Bldg.
Kyoumachi bori Center Bldg.
Sun Mullion Osaka Bldg.

5

Tokyo CBDs
NKK Headquarters’ Bldg.
Location: 1-2, Marunouchi 1-chome,

Site area: 5,495.49m2

Chiyoda-ku, Tokyo
Floor area of building : 62,949.13m2
Structure: Above ground: 18 floors,

Completion: June 1974

below ground 4 floors

Shiba NBF Tower
Location: 1-30, Shiba Daimon 1-chome,

Site area: 6,475.44m2 (*)

Minato-ku, Tokyo
Floor area of building : 44,437.17m2
Structure: Above ground: 18 floors,

Completion: October 1986

below ground 3 floors(*)Note: NBF has leasehold right in trust for most of the land underlying of thebuilding.

Shinjuku Mitsui Bldg. No.2
Location: 2-11, Nishi Shinjuku 3-chome,
Shinjuku-ku, Tokyo

Site area: 2,980.64m2

Floor area of building : 27,685.90m2
Structure: Above ground: 18 floors,
below ground 4 floors

Completion

6: October 1983

Office Building Fund of Japan, Incorporated

GSK Bldg.
Location: 6-15, Sendagaya 4-chome,

Site area: 5,335.28m2

Shibuya-ku, Tokyo
Floor area of building : 29,137.86m2
Structure: Above ground: 18 floors,

Completion: November 1990

below ground 4 floors

Kowa Nishi Shinbashi Bldg. B
Location: 14-1, Nishi Shinbashi 2-chome, Minatoku, Tokyo
Site area: 2,449.40m2 (*)
Floor area of building : 20,180.42m2 (*)
Structure: Above ground: 16 floors,
below ground 2 floors
Completion: August 1994(*)Note: Condominium ownership of the building (partly co-owned interest
thereof). NBF owns approx.83% of the entire building.
For further information, see page33, Note5 of Selected Data by Property

Nihonbashi Muro-machi Center Bldg.
Location: 2-15, Nihonbashi Muro-machi
3-chome, Chuo-ku, Tokyo
Site area: 3,097.74m2 (*)
Floor area of building : 23,019.01m2(*)
Structure: Above ground: 12 floors,
below ground 1 floor
Completion: October 1986(*)Note: Ownership interest is of floors 6-12 of the building. Above figures forfloor area are for the entire building.
For further information, see page33, Note6 of Selected Data by Property

7

Takanawa 1-chome Bldg.
Location: 3-13, Takanawa 1-chome,

Site area: 2,618.77m2

Minato-ku, Tokyo
Floor area of building : 12,847.59m2
Structure: Above ground: 9 floors

Completion: November 1987

Mita City Bldg.
Location: 12-15, Mita 3-chome, Minato-ku,

Site area: 1,458.95m2

Tokyo
Floor area of building : 9,185.13m2
Structure: Above ground: 12 floors,

Completion: June 1991

below ground 1 floor

Shinjuku Yocho-machi Bldg.
Location: 10-10, Yocho-machi, Shinjuku-ku,
Tokyo

Site area: 1,984.82m2

Floor area of building : 7,185.38m2
Structure: Above ground: 7 floors,
below ground 1 floor

Completion

8: January 1989

Office Building Fund of Japan, Incorporated

Other Greater Tokyo
Nakano-Sakaue Sunbright Twin
Location: 46-1, Honcho 2-chome, Nakano-ku, Tokyo
Site area: Size of total site 10,331.90m2
Floor area of building : Floor space of divided condominium
interests are 10,955.90m2 and 984.32m2
respectively , out of the gross floor area ofthe entire building: 63,396.95m2(includingcommon areas)
Structure: Steel-framed reinforced concrete building, Flat roof
Above ground: 30 floors, below ground: 2 floors
Completion:
September 1996

Yokohama ST Bldg.
Location: 11-15, Hokko1-chome, Nishi-ku,

Site area: 6,348.45m2 (*)

Yokohama, Kanagawa
Floor area of building : 42,568.77m2 (*)
Structure: Above ground: 18 floors,

Completion: October 1987

below ground 2 floors(*)Note: Co-ownership of 75% of the land and the building.

Tsukuba Mitsui Bldg.
Location: 6-1, Takezono 1-chome, Tsukuba,
IbarakiSite area: 6,280.82m2 (*)

Floor area of building : 26,266.10m2 (*)
Structure: Above ground: 19 floors,
below ground 2 floors

Completion: March 1990(*)Note: Co-ownership of 75% of the land and the building.

9

Daido Life Omiya Bldg.
Location: 23-1, Yoshijiki-cho 1-chome,

Site area: 1,290.21m2

Saitama, Saitama
Floor area of building : 6,155.16m2
Structure: Above ground: 8 floors

Completion: October 1991

Inage Kaigan Bldg.
Location: 23-2, Takasu 3-chome, Mihama-ku,

Site area: 1,884.29m2

Chiba, Chiba
Floor area of building : 7,175.12m2
Structure: Above ground: 7 floors

Completion: November 1992

Matsudo City Bldg.
Location: 18-4, Hon-cho, Matsudo, Chiba

Site area: 1,064.25m2

Floor area of building : 6,386.17m2

10Structure: Above ground: 8 floors

Completion: August 1992

Office Building Fund of Japan, Incorporated

Other Cities
Sapporo Minami Nijo Bldg.
Location: 18-1, Minami Nijo Nishi 2-chome,

Site area: 970.42m2

Chuo-ku, Sapporo, Hokkaido
Floor area of building : 8,149.78m2
Structure: Above ground: 9 floors,

Completion: November 1990

below ground 2 floors

Daido Life Sendai Bldg.
Location: 16-10, Honcho 2-chome, Aoba-ku,

Site area: 1,658.99m2

Sendai, Miyagi
Floor area of building : 10,585.42m2
Structure: Above ground: 14 floors,

Completion: June 1987

below ground 1 floor

Unix Bldg.
Location: 6-6, Sakae-cho, Fukushima,
Fukushima

Site area: 3,112.75m2

Floor area of building : 23,420.12m2
Structure: Above ground: 11 floors,
below ground 2 floors

Completion: September 1994

11

Niigata Telecom Bldg.
Location: 4-27, Bandai 4-chome, Niigata,

Site area: 2,385.83m2

Niigata
Floor area of building : 14,146.71m2
Structure: Above ground: 10 floors

Completion: May 1989

Sun Mullion NBF Tower
Location:6-12, Minami-Honmachi 2-chome,

Site area: 2,150.36m2

Chuo-ku, Osaka, Osaka
Floor area of building : 23,755.80m2
Structure: Steel-framed reinforced concrete
Above ground: 22 floors, below
ground: 2 floors

Completion: January 1996

Hamamatsu City Bldg.
Location: Denmacho 312-1, Hamamatsu,
ShizuokaSite area: 1,144.81m2

Floor area of building : 6,931.30m2

12Structure: Above ground: 9 floors

Completion: December 1990

Office Building Fund of Japan, Incorporated

Sakai Higashi Center Bldg.
Location: 3-11, Kita Kawara-machi 1+chome,

Site area: 1,978.53m2

Sakai, Osaka
Floor area of building : 7,294.35m2
Structure: Above ground: 8 floors

Completion: June 1991

Otemae Center Bldg.
Location: 2-15, Otemae 1-chome, Chuo-ku,

Site area: 1,038.25m2

Osaka, Osaka
Floor area of building : 7,580.74m2
Structure: Above ground: 13 floors,

Completion: June 1992

below ground 1 floor

Kyoumachibori Center Bldg.
Location: 17-16, Kyoumachibori 1-chome,
Nishi-ku, Osaka, Osaka

Site area: 530.21m2

Floor area of building : 3,919.95m2
Structure: Above ground: 10 floors,
below ground 1 floor

Completion: April 1987

13

Shijo Karasuma Minami Bldg.
Location: Dojishacho167, Karasuma Nishi-iru,
Ayanokoji, Shimogyo-ku, Kyoto,
Kyoto

Site area: 761.21m2

Floor area of building : 5,792.21m2
Structure: Above ground: 9 floors,

Completion: September 1991

below ground 1 floor

Hakata Gion 21 Bldg.
Location: 2-1, Gion-cho, Hakata-ku, Fukuoka,

Site area: 1,394.88m2

Fukuoka
Floor area of building : 7,477.69m2

14Structure: Above ground: 9 floors

Completion: April 1993

Office Building Fund of Japan, Incorporated

Related Entities of NBF

General Meeting ofshareholders

The Chuo Mitsui Trustand Banking

Asset Custody
Entrustment

Asset Management
Entrustment

Asset Custody

Mitsui Fudosan

Office Management
Entrustment

Office Building FundManagementJapan(NBFM)

Office Building
Fund of Japan,
Incorporated(NBF)
Board of Directors

NBF Office
Management

Borrowings/Bonds
and Notes
Debt service

Liabilities

OfficeManagement

Investment

Rent etc.

Real Estateetc.

AssetsInvestment

Shareholders’EquityQualified
Institutional
Investors/
Bondholders

Shareholder

Trading

Distribution

Shareholder

Major Related Operating Entities
Assignment

Name

Asset Management Company

Office Building Fund Management Japan, Ltd.(“NBFM”)

Asset Custodian

The Chuo Mitsui Trust and Banking Co., Ltd.

Transfer Agent

The Chuo Mitsui Trust and Banking Co., Ltd.

Accounting Agent

Makoto Sugai of Heiseikaikeisha Accounting Office

Administrative Agent

Office Building Fund Management Japan, Ltd.(“NBFM”)

Bond Trustee

The Norinchukin Bank

15

16



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- /-- -(1
 //(( 82-  -*4 G G,,,'6(0 "67  (  '(   ,, '   !!  ''( ( 8 ,,,1Office Building Fund of Japan, Inc
Corporate Data

Table of Contents
Pages

Introduction

1

Portfolio Snapshot

2

Related Entities of NBF

15

I Performance Information Report17

Investment Performance Overview

18

Overview of NBF

23

Outline of Investment Portfolio

27

Capital Expenditures

34

Expenses regarding Entrustment etc.

35

Trading Activities during the Current Period

36

II Financial Statements
Corporate Data

Corporate Office:2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810
www.nbf-m.com/nbf/
Date of Inception:
March 16, 2001
Capital:Contributed capital and common shares issued and outstanding as of June 30, 2002:¥148,899 million
280,700 shares

38

Back cover

Shareholders:
13,262 (As of June 30, 2002)

The preparation of this report reflects the most recent six-month accounting period of NBF (ended June 30, 2002). The report with respect to the first
period (ended December 31, 2001) includes a “Message from NBFM to the NBF Shareholders” as well as information concerning “Investment Policies ofNBF”, “Distribution Policies of NBF”, “Overview of Related Operating Entities”, “Investment Objects and Investment Restrictions”, which are excluded
herefrom (and from any even-numbered period report) but are available by reference to NBF’s previous period report.

This document contains translations of selected information described in the Securities Report (yuka shoken hokokusho) filed on
September 26, 2002 pursuant to the Securities Exchange Law of Japan, and the Financial Statements and the Performance Information Report forthe period from January 1, 2002 to June 30, 2002, of Office Building Fund of Japan, Inc. prepared pursuant to the Investment Trust Law of Japan.
This English language document was prepared solely for the convenience of and reference by overseas investors and neither
corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. The Japanese language Securities Report
and the Financial Statements and the Performance Information Report for the aforementioned period should always be referred to as originals of
this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to the concept of theequivalent Japanese terms. With respect to any and all terms herein, including without limitation, financials statements, if there exist any
discrepancies in the meaning or interpretation thereof between the original Japanese documents and English statements contained herein, theoriginal Japanese documents will always govern the meaning and interpretation. None of Office Building Fund of Japan, Inc., Office Building FundManagement Japan, Ltd. or any of their respective directors, officers, employees, partners, shareholders, agents or affiliates will be responsible or
liable for the completeness, appropriateness or accuracy of English translations or the selection of the portions(s) of any document(s) translated
into English. No person has been authorized to give any information or make any representations other than as contained in this document inrelation to the matters set out in this document, and if given or made, such information or representation must not be relied upon as having beenauthorized by Office Building Fund of Japan, Inc., Office Building Fund Management Japan, Ltd. or any of their respective directors, officers,
employees, partners, shareholders, agents or affiliates.
The financial statements of Office Building Fund of Japan, Inc. have been prepared in accordance with generally accepted accounting
principles in Japan (Japanese GAAP) which may materially differ in certain respects from generally accepted accounting principles in otherjurisdictions.
Many provisions of this document contain forward-looking statements and information. We base these statements on our beliefs as wellas our assumptions based solely on certain limited information currently available to us. Because these statements reflect our current views
concerning future events, these statements involve known and unknown risks, uncertainties and assumptions. Our future performance could
materially differ from those set out in these forward-looking statements. We do not undertake and will not undertake to release revisions offorward-looking statements to reflect future events or circumstances or of any other statements or information contained herein.

Transfer Agent
The Chuo Mitsui Trust and Banking Co., Ltd.
3-33-1, Shiba, Minato-ku, Tokyo, 168-0023, Japan+81-3-3323-7111
Independent Public Accountants
Asahi & Co.
Asahi Center Building
1-2, Tsukudo-cho, Shinjuku-ku, Tokyo, 162-8551, Japan
Investor Relations
For further information, please contact our asset management company:
Investor Relations of Financial Department
Office Building Fund Management Japan, Ltd.
2-7-2, Yaesu, Chuo-ku, Tokyo, 104-0028, Japan+81-3-3281-8810

NBF Report Jan.-Jun. 2002 2nd Period

NBF Report Jan.-Jun. 2002

2nd Period
From : January 1, 2002
To
: June 30, 2002

Office Building Fund of Japan, Incorporated

2-7-2 Yaesu, Chuo-ku, Tokyo, Japan

http://www.nbf-m.com/nbf/