May 17, 2021 This notice is the English translation of the Japanese announcement on May 17, 2021 REIT Issuer HEIWA REAL ESTATE REIT, Inc. 9-1 Nihonbashi Kabuto-cho, Chuo-ku, Aya Motomura, Executive Director (Securities Code: 8966) Asset Management Company HEIWA REAL ESTATE Asset Management CO., LTD. Masanori Hirano, President & Representative Director Inquiries: Yoshio Ito, General Manager, Planning & Finance Department TEL. +81-3-3669-8771

Notice Concerning Acquisitions of Assets (OSAKI CN BUILDING and 3 Other Properties)

HEIWA REAL ESTATE REIT, Inc. (hereinafter referred to as the “Investment Corporation”) announced today that HEIWA REAL ESTATE Asset Management CO., LTD. (hereinafter referred to as the “Asset Management Company”), the company to which the Investment Corporation entrusts its asset management operations, decided to execute the acquisition (hereinafter referred to as the “Acquisition”) of asset (hereinafter referred to as the “The Asset to be Acquired”). The details are as follows.

Details

1. Overview of the acquisitions Proposed Appraisal Property Type of Investment Property Name Investment Area Acquisition Price Value Number Specified Asset Category (million yen) (Note 1) (million yen) Primary investment Trust beneficial area Of-47 OSAKI CN BUILDING interest in real Office 5,160 5,420 ( -ku, estate Tokyo) Real estate and Primary investment HF SHOKOJI AKABANE Re-95 land lease rights Residence area 1,690 1,850 RESIDENCE Ⅱ (Note 2) (Kita-ku, Tokyo) Real estate and Primary investment Re-96 HF YAHIRO RESIDENCE land lease rights Residence area 1,220 1,330 (Note 2) (Sumida-ku, Tokyo) HF Real estate and Primary investment Re-97 SETAGAYAKAMIMACHI land lease rights Residence area 700 786 RESIDENCE (Note 2) (-ku, Tokyo)

Total 8,770 9,386

(Note 1) “Proposed acquisition price” is the price described in the trust beneficial interest transaction agreement or real estate transaction agreement (consumption tax excluded), and does not include the amounts of settlement for fixed property tax, city planning tax, etc. (Note 2) The Asset to be acquired is a building with leasing rights (leasing rights for the buildings and land). Land leasing rights are ordinary leasing rights.

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(1) Agreement execution date: May 17, 2021

(2) Scheduled acquisition date: June 4, 2021 (3) Seller:Heiwa Real Estate Co., Ltd. (4) Acquisition financing: The proceeds from the issuance of new investment units (note 1), borrowings (note 2) and cash on hand (5) Payment method: Lump-sum payment at time of delivery (6) Brokerage: Not applicable (Note1) For more information, please see the Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units released today. (Note2) Details of Borrowing will be announced when determined.

2. Reason for the acquisition The Investment Corporation will continue to implement its basic principles, namely the steady growth of its investment portfolio and the achievement of medium and long term sustainable profit. We will aim to maximize unitholder value by striking a balance between steady growth & sustainable profit. We have decided on the acquisition because we expect to expand assets, improve the portfolio and increase unitholder value through property acquisitions and an increase in capital via the first public offering in about five and half years.

(1) OSAKI CN BUILDING The property is conveniently located a 3-minute walk from Osaki Station on the JR Yamanote Line, the JR Saikyo Line, the JR Shonan- Line, and the Rinkai Line, and a 5-minute walk from Osakihirokoji Station on the Tokyu Ikegami Line. The Osaki area where the property is located is near Jonan Gozan, Ikedayama, Gotenyama, Shimazuyama, Hanabusayama, and Yatsuyama which have been long known as upscale residential areas where there was once a row of residences owned by Japanese feudal lords or former feudal lords. Since 1982, when the area was designated as a subcenter by the Tokyo Metropolitan Government, the area experienced rapid redevelopment and the expansion of its transport network. It is now a vital hub for transportation connecting central Tokyo and the suburbs. In addition, the development has resulted in a very sophisticated cityscape of large office buildings and high-rise apartment buildings. Additionally, many leading companies are headquartered in the area. The district supports Japanese industry and the economy.

In terms of facilities provided, in addition to the features such as the ceiling, the height of which is 2,500 mm, a 100 mm raised floor (for IT cables), and individual air conditioning systems, a large renovation of the outer wall, the interior and the design of the co-owned area was completed in June 2020. Therefore, the property is highly competitive with the other office buildings in the area. One location feature of the property is the area of mixed residential and commercial properties with a row of mid-to-high-rise office buildings and high-rise apartment buildings along Yamate-Dori, which provides an environment of offices that customers visit.

(2) HF SHOKOJI AKABANE RESIDENCE Ⅱ The Investment Corporation acquired HF SHOKOJI AKABANE RESIDENCE in March 2020. HF SHOKOJI AKABANE RESIDENCE Ⅱ is a residential property that the Asset Management Company's sponsor company, Heiwa Real Estate Co., Ltd. planned and developed for the Investment Corporation (hereafter "Heiwa Real Estate" in 2. "Reasons for the Acquisition").

The property is a 4-minute walk from Akabane-Iwabuchi Station on the Tokyo Metro Namboku Line, and a 13-

- 2 - minute walk from Akabane Station on the JR Keihin-Tohoku Line/Saikyo Line. It has excellent access to central Tokyo and major office areas. For example, it is a 15-minute train ride from Akabane Station to Shinjuku Station (the ride time, hereinafter the same shall apply), a 20-minute train ride to Tokyo Station, and a 30-minute train ride from Akabane-iwabuchi Station to Otemachi Station or Nagatacho Station. The property is also adjacent to Tokyo Route No. 7 and No. 8 which connect to each quarter of central Tokyo and provide excellent accessibility by car. The area surrounding the property includes the colorful banks of the Arakawa River, including Arakawa Akabane Sakura Zutsumi green space, a famous cherry blossom viewing location, and the Arakawa Iwabuchizeki green space where people are able to barbeque. There are also sports facilities, including a baseball field and a soccer field. There are also many facilities that are convenient for daily living, including the Akabane Suzuran shopping district and Akabane Ichibangai shopping district.

The property includes a total of 70 units in either a 25.92-26.12 m2 1K unit layout (49 units) or a 55.02-55.72 m2 2LDK unit layout (21 units). Demand is expected to be mainly from singles and two-income households with no children. Regarding the facilities provided, the property is equipped with auto-lock security, home delivery boxes, intercoms with video monitors, and other security features. In addition, the units feature bathrooms separated from toilets, air conditioners, heated bidets, cable TV, etc. It was completed in January 2020 and is fully competitive with nearby properties in terms of its facilities and the age of the property.

(3) HF YAHIRO RESIDENCE The property is a residential property that was meticulously planned and developed by Heiwa Real Estate, the Asset Management Company' sponsor company, down to the smallest details including location and specifications, to ensure the properties perform based on the assumption that the Investment Corporation will own and operate them over the long term.

The property is a 9-minute walk from Yahiro Station on the Keisei Oshiage Line. Yahiro Station, the nearest station, features convenient transportation to Shinagawa Station, Haneda Airport Station, Narita Airport Station, and the commercial districts of central Tokyo such as Nihombashi Station and Shimbashi Station via the Toei Asakusa Line and the Keikyu Main Line. The property is in a quiet area with mid-to-high-rise apartment buildings and detached houses lining the streets. The popularity of the residential area has increased since TOKYO SKYTREE was completed in May 2012, and the development of apartment buildings has rapidly progressed in the area.

The property includes a total of 64 units in either a 25.21 m2 1DK unit layout (44 units) or a 40.48-40.70 m2 1LDK unit layout (20 units). Demand is expected to be mainly from singles and two-income households with no children. Regarding the facilities provided, the property is equipped with auto-lock security, home delivery boxes, intercoms with video monitors, and other security features. In addition, the units feature bathrooms separated from toilets, air conditioners, heated bidets, cable TV, etc. It was completed in November 2020 and is fully competitive with nearby properties in terms of its facilities and the age of the property.

(4) HF SETAGAYAKAMIMACHI RESIDENCE The property is a residential property that was meticulously planned and developed by Heiwa Real Estate, the Asset Management Company' sponsor company, down to the smallest details including location and specifications, to ensure the properties perform based on the assumption that the Investment Corporation will own and operate them over the long term.

The property is a 4-minute walk from Kamimachi Station on the Tokyu Setagaya Line and is walking distance

- 3 - from Kyodo Station on the Odakyu Line. It has excellent access to many areas including central Tokyo. It is a 14- minute train ride (ride time) from Kamimachi Station to Station via Sangen-jaya Station and it is walking distance from Sakura-shimmachi Station on the Tokyu Den-en-toshi Line. In addition, the area is blessed with nature and is part of one of Tokyo's most popular residential areas that includes the Shoin Shrine enshrining Shoin Yoshida and his pupils, an academic neighborhood including Nihon University and Kokushikan University, and Baji Koen Equestrian Park, Kinuta Park, and Komazawa Olympic Park, which are all nearby.

The property includes a total of 30 units in a 25.04-25.76 m2 1K unit layout. Demand is expected to be mainly from singles. Regarding the facilities provided, the property is equipped with auto-lock security, home delivery boxes, intercoms with video monitors, and other security features. In addition, the units feature bathrooms separated from toilets, air conditioners, heated bidets, cable TV, etc. It was completed in November 2020 and is fully competitive with nearby properties.

3. Details of the property to be acquired Of-47 OSAKI CN BUILDING Property number / Property name Of-47 OSAKI CN BUILDING Type of asset Trust beneficial interest in real estate Trustee (Planned) Sumitomo Mitsui Trust Bank, Limited Trust term (Planned) From March 25, 2003 to June 30, 2031 (Building address on real estate registry) 5-60-1, 60-4 Osaki, Shinagawa-ku, Tokyo Location (Note 1) (Lot number) 5-10-10 Osaki, Shinagawa-ku, Tokyo Form of ownership Share ownership Total area 1,523.74 ㎡ Area (Note 1) Share ownership 1,256.73 ㎡ Land Use district (Note 2) Commercial district Quasi-industrial district Building coverage 80% 60% ratio(Note 3) Floor area ratio(Note 4) 500% 300% Form of ownership(Note 5) Share ownership Use (Note 1) Office, Parking Steel structure roofed reinforced concrete, steel-reinforced concrete building with Structure/Floors (Note 1) 8 stories above ground and 1 underground story. Total floor space 6,114.90 ㎡ (Note 6) Total floor space (Note 1) Ownership area 4,779.40 ㎡ (Shares of coownership 7,816/10,000) Construction October 2, 1992 Building completion date (Note 1) Chichibu Cement Corporation (Current name: Chichibu Taiheiyo Cement Construction client Corporation) Joint venture of OBAYASHI CORPORATION and TOKYU CONSTRUCTION Constructor CO., LTD. Architect Nittsu Real Estate Co.,Ltd. Structural designer Nittsu Real Estate Co.,Ltd. Building certification Shinagawa-ku, Tokyo Collateral None Property management company Taisay Building Management Co.,Ltd. Master lease company -

- 4 - Master lease type - Tenant details (Note 7) Total number of tenant 6 Total rent income 198,443 thousand yen Leasehold and security 146,946 thousand yen deposits Total leased floor space 3,237.77 ㎡ Total leasable floor space 3,237.77 ㎡ Occupancy rates (Based on Floor Space) 100% (as of March 31, 2021) (Note 8) NOI yield (Note 9) 4.2% Survey company Tokyo Bldg.-Tech Center Co., Ltd. Survey date March 30, 2021 Replacement value (Note 10) 1,109,872 thousand yen Outline of the engineering report Probable maximum loss (PML) 4.5% Long-term repairs 174,555 thousand yen (next 15years) Appraiser Tanizawa Sogo Appraisal Co., Ltd. Overview of real estate Value date April 1, 2021 appraisal report Appraisal value 5,420,000 thousand yen Other items of special note - (Note1) “Location (excluding indication of residential address),” “Area,” “Use,” “Structure/Floor” “Total floor space” and “Construction completion date” are as stated in the real estate registry. The site of the building in trust is owned in part by the co-owners of the building in trust (a partial ownership). The area column shows the area of the land owned by the trustee. The co-owners have agreed to the use of the land by other co-owners. The northwest part of the land in trust (approx. 35.17 m2) is a setback area and cannot be included in the site area of the building. (Note2) “Use district” is the type of use district as listed in Article 8, Paragraph 1, Item 1 of the City Planning Act. (Note3) “Building coverage ratio” is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building Standards Act. Of the Asset to be acquired, the building-to-land ratio has been relaxed to 100% for the sites with fireproof buildings in commercial zones and fire prevention zones. Also, the building-to-land ratio of the Asset to be acquired has been relaxed to 80% for buildings that are quasi-fireproof or better in quasi-industrial areas, quasi-fireproof areas, or on sites that comply with the provisions of Article 45 of the regulations of the Shinagawa Ward Building Standards Act. (Note4) The “Floor area ratio” is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building Standards Act. The floor area ratio of the Asset to be Acquired is 500% for the area up to 30 meters from the southern road boundary, and 300% for the area more than 30 meters from the southern road boundary. (Note5) The building in trust is a co-owned building, and the trustee holds 7,816/10,000 of the equity. The total number of co-owners on the registry is two, including the trustee. (Note6) The total floor space includes the annex building (garbage storage: reinforced concrete, flat-roofed, 1F, 11.02 m2). (Note7) Figures in “Tenant details” are as of March 31, 2021. Furthermore, “Total rent income” is the annualized figure (multiplied by 12) of the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as consumption tax) as of March 31, 2021, based on lease agreements and sub-leasing agreements concluded between the trustee or the Investment Corporation and the master lease company or end tenants, with amounts below a thousand yen round off. (Note8) One tenant (leased floor space: 414.77 m2) moved out on March 31, 2021. (Note9) “NOI yield” indicates the NOI yield calculated by using the net operating income (NOI) for the 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report for the property, and is rounded to the first decimal place. (Note10) The figure is calculated by multiplying the replacement value of one building as stated in the engineering report by the building's equity ratio of 78.16%, rounded down to the nearest thousand yen. (Note11) The value indicates the cost for the ownership rate of the areas to be acquired, which is described in the Building Status Investigation Report.

- 5 - Re-95 HF SHOKOJI AKABANE RESIDENCE Ⅱ Property number / Property name Re-95 HF SHOKOJI AKABANE RESIDENCE Ⅱ Type of asset Real estate and land leasing rights (Building address on real estate registry) 676-2, 677,678-4 Iwabuchi-cho, Kita-ku, Tokyo Location (Note 1) (Lot Number) 24-16 Iwabuchi-cho, Kita-ku, Tokyo Form of ownership General land lease right Area (Note 1) 508.14 ㎡ Use district (Note 2) Commercial district Land Building coverage 80% ratio(Note 3) Floor area ratio(Note 4) 500% Form of ownership Ownership Use (Note 1) Residence Structure/Floors (Note 1) Reinforced concrete flat roof 14 floors above ground Total floor space (Note 1) 2,764.49 ㎡ Construction January 31, 2020 completion date (Note 1) Building Construction client Heiwa Real Estate Co., Ltd. Constructor Tsuboi Corporation. Architect Tsuboi Corporation. Tsuboi Corporation. Structural designer Beams Design Consultant Co.,ltd. Building certification The Building Center of Japan Collateral None Property management company Tokyu Housing Lease Corporation Master lease company Tokyu Housing Lease Corporation Master lease type Pass through Tenant details (Note 5) Total leasable units 70 Total leased units 69 Total rent income 106,392 thousand yen Leasehold and security 12,075 thousand yen deposits Total leased floor space 2,412.50 ㎡ Total leasable floor space 2,438.42 ㎡ Occupancy rates 98.9% (as of March 31, 2021) (Based on Floor Space) NOI yield (Note 6) 5.1% Survey company Tokyo Bldg.-Tech Center Co., Ltd. Survey date March 26, 2021 Replacement value (Note 10) 525,000 thousand yen Outline of the engineering report Probable maximum loss (PML) 6.3% Long-term repairs 17,740 thousand yen (next 15years) DAIWA REAL ESTATE APPRAISAL Overview of real estate Appraiser CO.,LTD. appraisal report Value date March 31, 2021

- 6 - Appraisal value 1,850,000 thousand yen ・Heiwa Real Estate Co., Ltd., the seller, has signed a land lease agreement with the owner and lessor, Shokoji, a religious corporation. The Investment Corporation is to acquire the leasing rights to the land after signing a new land lease agreement. The overview of the land lease agreement is as stated below: (1) Purpose of the lease: To own buildings such as rental housing, etc. Other items of special note (2) Term of the lease: June 4, 2021-April 1, 2048 (approx. 27 years) However, the term of the lease may be extended for a period of 30 years under the same conditions by paying a renewal fee. (3) Priority negotiation rights: If the owner and lessor intends to transfer ownership of the land that is being leased, the lessee shall have the priority negotiation rights. (Note1) “Location (excluding indication of residential address),” “Area,” “Use,” “Structure/Floor” “Total floor space” and “Construction completion date” are as stated in the real estate registry. The area includes the area of the private road (approx. 4.03 m2). (Note2) “Use district” is the type of use district as listed in Article 8, Paragraph 1, Item 1 of the City Planning Act. (Note3) “Building coverage ratio” is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building Standards Act. (Note4) The “Floor area ratio” is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building Standards Act. (Note5) Figures in “Tenant details” are as of March 31, 2021. Furthermore, “Total rent income” is the annualized figure (multiplied by 12) of the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as consumption tax) as of March 31, 2021, based on lease agreements and sub-leasing agreements concluded between the trustee or the Investment Corporation and the master lease company or end tenants, with amounts below a thousand yen round off. (Note6) “NOI yield” indicates the NOI yield calculated by using the net operating income (NOI) for the 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report for the property, and is rounded to the first decimal place.

Re-96 HF YAHIRO RESIDENCE Property number / Property name Re-96 HF YAHIRO RESIDENCE Type of asset Real estate and land lease rights (Building address on real estate registry) 4-25 Yahiro, Sumida-ku, Tokyo Location (Note 1) (Lot Number) 4-50-1 Yahiro, Sumida-ku, Tokyo Form of ownership General land lease right Area (Note 1) 501.11 ㎡ Land Use district (Note 2) Quasi-industrial district Building coverage ratio(Note 3) 80% Floor Area Ratio (Note 4) 400% Form of ownership Ownership Use (Note 1) Residence Structure/Floors (Note 1) Reinforced concrete with flat roof, 9 floors above ground Total floor space (Note 1) 2,151.30 ㎡ Construction November 27, 2020 Building completion date (Note 1) Construction client Heiwa Real Estate Co., Ltd Constructor Shinnihon Corporation Architect Shinnihon Corporation Senior Registered Architect Office Structural designer Shinnihon Corporation Senior Registered Architect Office Building certification Kanagawa Building Inspection Collateral None Property management company Tokyu Housing Lease Corporation

- 7 - Master lease company Tokyu Housing Lease Corporation Master lease type Pass through Tenant details (Note 5) Total leasable units 64 Total leased units 43 Total rent income 56,760 thousand yen Leasehold and security deposits 5,555 thousand yen

Total leased floor space 1,390.09 ㎡ Total leasable floor space 1,919.50 ㎡ Occupancy rates 72.4% (as of March 31, 2021) (Based on floor space) NOI yield (Note 6) 5.2% Survey company Tokyo Bldg.-Tech Center Co., Ltd. Survey date March 26, 2021 Replacement Value 415,000 thousand yen Outline of the engineering report Probable maximum loss 11.8% (PML) Long-term repairs 7,500 thousand yen (next 15years) Appraiser Daiwa Real Estate Appraisal Co., Ltd. Overview of real estate Value date March 31, 2021 appraisal report Appraisal value 1,330,000 thousand yen ・For the land, the land lease agreement has concluded between the owner/lessor (note 7) and Heiwa Real Estate Co., Ltd, the buyer. The Investment Corporation is to acquire the lease rights of the land by taking over the land lease agreement from Heiwa Real Estate. The overview of Other items of special note the land lease agreement is as stated below: (1) Purpose of the lease: To own a rental residential complex (2) Term of the lease: November 1, 2018 - October 31, 2048 (approx. 30 years) However, the term of the lease may be extended by paying a renewal fee. (Note1) “Location (excluding indication of residential address),” “Area,” “Use,” “Structure/Floor” “Total floor space” and “Construction completion date” are as stated in the real estate registry. Approx. 22.04 m2 of the south side of the land is a setback area and cannot be included in the site area of the building. (Note 2) “Use district” is the type of use district as listed in Article 8, Paragraph 1, and Item 1 of the City Planning Act. (Note 3) “Building coverage ratio” is the ratio of the building area of the structure to the site area, as stipulated in Article 53 of the Building Standards Act. The designated building-to-land ratio for the Asset to be acquired is 80%, but the actual ratio is 90% due to a corner lot relaxation. (Note 4) “Floor area ratio” is the ratio is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building Standards Act. (Note 5) Figures in “Tenant details” are as of March 31, 2021.Furthermore, “Total rent income” is the annualized figure (multiplied by 12) of the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as consumption tax) as of March 31, 2021, based on lease agreements and sub-leasing agreements concluded between the seller and end tenants, with amounts below a thousand yen round off. (Note 6) ”NOI Yields” indicates the NOI yield calculated by using the net operating income (NOI) for the 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report for this property, and is rounded to the first decimal place. (Note 7) The consent of the land owner and lessor has not been obtained, so this is not disclosed.

Re-97 HF SETAGAYAKAMIMACHI RESIDENCE Property number / Property name Re-97 HF SETAGAYAKAMIMACHI RESIDENCE Type of asset Real estate and land lease rights

- 8 - (Building address on real estate registry) 1-505-2, 505-3, 508-2 Setagaya, Setagaya-ku, Tokyo Location (Note 1) (Lot Number) 1-45-9 Setagaya, Setagaya-ku, Tokyo Form of ownership General land lease right Area (Note 1) 267.52 ㎡ Land Use district (Note 2) Neighborhood commercial district Building coverage ratio(Note 3) 80% Floor Area Ratio (Note 4) 300% Form of ownership Ownership Use (Note 1) Residence Structure/Floors (Note 1) Reinforced concrete with flat roof, 7 floors above ground Total floor space (Note 1) 1,070.10 ㎡ Construction November 30, 2020 Building completion date (Note 1) Construction client Heiwa Real Estate Co., Ltd Constructor FaithNetwork Co., Ltd. Architect Sano Archi Studio Senior Registered Architect Office Structural designer Sano Archi Studio Senior Registered Architect Office Building certification CENTER FOR INTERNATIONAL ARCHITECTURAL STANDARD Collateral None Property management company HASEKO LIVENET, Inc Master lease company HASEKO LIVENET, Inc Master lease type Pass through Tenant details (Note 5) Total leasable units 30 Total leased units 16 Total rent income 21,744 thousand yen Leasehold and security deposits 1,732 thousand yen

Total leased floor space 404.26 ㎡ Total leasable floor space 759.24 ㎡ Occupancy rates 53.2% (as of March 31, 2021) (Based on floor space) NOI yield (Note 6) 4.5% Survey company Tokyo Bldg.-Tech Center Co., Ltd. Survey date March 29, 2021 Replacement Value 183,000 thousand yen Outline of the engineering report Probable maximum loss 6.1% (PML) Long-term repairs 3,650 thousand yen (next 15years) Appraiser Daiwa Real Estate Appraisal Co., Ltd. Overview of real estate Value date March 31, 2021 appraisal report Appraisal value 786,000 thousand yen ・For the land, the land lease agreement has concluded between the owner/lessor (note 7) and Heiwa Real Estate Co., Ltd, the buyer. The Other items of special note Investment Corporation is to acquire the lease rights of the land by taking over the land lease agreement from Heiwa Real Estate. The overview of the land lease agreement is as stated below:

- 9 - (1) Purpose of the lease: To own a rental residential complex (2) Term of the lease: October 29, 2019 - October 28, 2049 (approx. 30 years) However, the term of the lease may be extended by paying a renewal fee. (Note1) “Location (excluding indication of residential address),” “Area,” “Use,” “Structure/Floor” “Total floor space” and “Construction completion date” are as stated in the real estate registry. (Note 2) “Use district” is the type of use district as listed in Article 8, Paragraph 1, and Item 1 of the City Planning Act. (Note 3) “Building coverage ratio” is the ratio of the building area of the structure to the site area, as stipulated in Article 53 of the Building Standards Act. The Asset to be Acquired is a fireproof building in a neighborhood that is a commercial district and a fire prevention district, so the building-to-land ratio has been relaxed to 100%. (Note 4) “Floor area ratio” is the ratio is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building Standards Act. (Note 5) Figures in “Tenant details” are as of March 31, 2021.Furthermore, “Total rent income” is the annualized figure (multiplied by 12) of the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as consumption tax) as of March 31, 2021, based on lease agreements and sub-leasing agreements concluded between the seller and end tenants, with amounts below a thousand yen round off. (Note 6) ”NOI Yields” indicates the NOI yield calculated by using the net operating income (NOI) for the 12 months, which serves as the assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report for this property, and is rounded to the first decimal place. (Note 7) The consent of the land owner and lessor has not been obtained, so this is not disclosed.

4. Overview of the seller (1) Name Heiwa Real Estate Co., Ltd. (2) Head office address 1-10 Nihonbashi Kabuto-cho, Chuo-ku, Tokyo Name and title of (3) Kiyoyuki Tsuchimoto, Representative Director and President representative 1. Building Business (4) Line of business 2. Asset Management Business 3. Other businesses (5) Capital stock 21,492 million yen (Note) (6) Date of incorporation July 1947 (7) Consolidated net assets ¥118,639 million (Note1) Consolidated total (8) ¥381,353 million (Note1) assets

Mitsubishi Estate Co., Ltd. 11.39% Major shareholders and CGML PB CLIENT ACCOUNT/COLLATERAL 8.65% (9) shareholding ratio Custody Bank of Japan, Ltd. (trust account) 7.97% (Note2) The Master Trust Bank of Japan, Ltd. (trust account) 6.03%

(10) Relationship with the Investment Corporation and the Asset Management Company and the Company Heiwa Real Estate Co., Ltd. owns 135,845 units (13.58% of total investment units issued) of the Investment Corporation’s investment units as of May 17, 2021. In addition, Heiwa Real Estate owns 4,968 shares (100% of total shares issued) of the Capital relationship Asset Management Company’s shares, and falls within the scope of interested persons, etc. as defined in the Financial Instruments and Exchange Act (“Financial Instruments Act”) and the Act on Investment Trusts and Investment Corporations (“Investment Trusts Act”).

Of the officers and employees of the Asset Management Company, 4 persons Personnel relationship (excluding part-time directors) is dispatched from Heiwa Real Estate as of today.

In the fiscal period ended November 2020 (38th fiscal period), we have no business relationships that need to be stated with Heiwa Real Estate. Business relationship In the fiscal period ended May 2021 (39th fiscal period), we engaged in an acquisition of asset (2 property) with Heiwa Real Estate, which acted as the property management company.

- 10 - Heiwa Real Estate falls under related party of the Investment Corporation and the Asset Whether or not a Management Company. In addition, Heiwa Real Estate falls under interested party of related party the Asset Management Company.

(Note1) Figures are as of March 31, 2021. (Note2) Figures are as of September 30, 2020.

5. Status of previous owner, etc. of the property to be acquired Of-47 OSAKI CN BUILDING Current owner Previous owner Name Heiwa Real Estate Co., Ltd. Person other than specially-interested party Relationship with Please refer to 4.Overview of the seller specially interested “ Relationship with the Investment Corporation - party and the Asset Management Company” Course, reason, etc. - leading to Acquisition for use in the warehousing function acquisition Acquisition price 5,130,000,000 yen - Time of acquisition September 30, 2020 -

Re-95 HF SHOKOJI AKABANE RESIDENCE Ⅱ Current owner Name Heiwa Real Estate Co., Ltd. Relationship with Please refer to 4.Overview of the seller specially interested “ Relationship with the Investment Corporation party and the Asset Management Company” Course, reason, etc. leading to Rental housing development purpose acquisition Acquisition price - Time of acquisition -

Re-96 HF YAHIRO RESIDENCE Current owner Name Heiwa Real Estate Co., Ltd. Relationship with Please refer to 4.Overview of the seller specially interested “ Relationship with the Investment Corporation party and the Asset Management Company” Course, reason, etc. leading to Rental housing development purpose acquisition Acquisition price - Time of acquisition -

- 11 - Re-97 HF SETAGAYAKAMIMACHI RESIDENCE Current owner Name Heiwa Real Estate Co., Ltd. Relationship with Please refer to 4.Overview of the seller specially interested “ Relationship with the Investment Corporation party and the Asset Management Company” Course, reason, etc. leading to Rental housing development purpose acquisition Acquisition price - Time of acquisition -

6. Broker Profile None

7. Transactions with Interested Parties In addition to interested persons, etc. as defined in the Financial Instruments Act and the Investment Trusts Act, the Asset Management Company regulates transactions involving conflicts of interest with interested parties, stipulating in its internal regulations that an “interested party” shall refer collectively to: (i) A company, etc. that holds more than 10% of the voting rights of all shareholders of the Asset Management Company; (ii) A company, etc. in which more than 50% of the voting rights of all its shareholders are held by (i); or (iii) A company, etc. to which (i) or (ii) provides advice, etc. on the management and administration of its assets. Heiwa Real Estate, which acted as the seller of the asset to be acquired, falls under the interested party, the above transactions were resolved at the meeting of the Investment Corporation’s Board of Directors held today based on the unanimous approval of the Investment Committee, Compliance Committee, and the Board of Directors of the Asset Management Company according to its internal rules.

8. Outlook No change will be made to the management status forecast for the fiscal period ending May 2021 (the 39th fiscal period) in the financial report for the fiscal period ended November 2020 dated January 20, 2021 as a result of the acquisition. As for the management status forecast following the acquisition of the three properties, please refer to “Notice Concerning Revision of Management Status Forecasts for Fiscal Period Ending November 2021 (40th Fiscal Period) and Forecast for Fiscal Period Ending May 2022 (41st Fiscal Period)” dated today.

9. Overview of the appraisal report Property name OSAKI CN BUILDING Appraisal value 5,420,000 thousand yen Appraiser Tanizawa Sogo Appraisal Co., Ltd. Value date April 1, 2021 Content Item (thousand yen) Overview, etc. (Note) Assessment is verified through the direct capitalization method, Value 5,420,000 using the value established through the DCF method as the standard. Value indicated by the income approach (direct capitalization 5,680,000 method) Effective gross income 265,766

- 12 - Assessment based on current rental levels in contract, new rental levels for comparable real estate in the same area with the same Potential total profits 280,233 demand and supply as well as their trends, and taking into account the medium- to long-term competitiveness of the target real estate. Losses from vacancies, Assessed the vacancy rate that is recognized to be stable over the 14,466 etc. medium to long term. Operating expenses 48,185 Management fees 11,733 Assessment based on management bylaw. Property management Posted making a validation based on the standard of comparable 3,828 fee real estate from the PM contract. Assessment made for posting based on the standard of comparable Utilities expenses 9,713 real estate and the actual results of the past fiscal years Maintenance and repair Of the renewed maintenance and repair costs stated in ER, posted 4,440 the portion equal to the 15-year average for maintenance and cost repair costs. Tenant advertisement Assessment based on the tenant advertisement expenses for 1,989 expenses, etc. comparable real estate, etc. Public charges and 15,894 Assessment based on actual payments taxes Casualty insurance 320 Assessment based on actual payments premiums Other expenses 265 Posted in reference to actual numbers from past fiscal years. Net operating income (NOI) 217,581 Interest on lump-sum Assessment on the investment yield made at 1.0% after 2,189 comprehensively considering the interest rate levels of both the payments investment and replacement. The average annual renovation expense stated in the engineering Capital expenditures 9,435 report is posted. Net cash flow (NCF) 210,336 Assessed by comparing and examining the transaction yields in the surrounding areas or in similar areas with the same supply and Capitalization rate 3.7% demand, taking into account forecast changes in future net revenue. Value indicated by the income approach (discounted cash flow 5,310,000 method) Assessed by determining the base yield of the office building using the accumulation method, etc. based on the yields of Discount rate 3.8% financial instruments, and taking into account the individual risks of the property. Assessed using the capitalization rate as the standard and by Terminal capitalization rate 3.9% evaluating the uncertainty of future projections. Value indicated by the cost approach 5,590,000 using the cost accounting method Percentage of land 93.0%

Percentage of building 7.0% Other notable items regarding the - appraisal as stated by the appraiser (Note) The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management Company

Property name HF SHOKOJI AKABANE RESIDENCE Ⅱ Appraisal value 1,850,000 thousand yen Appraiser Daiwa Real Estate Appraisal Co., Ltd. Value date March 31, 2021 Content Item (thousand yen) Overview, etc. (Note) Estimated by linking indicated value by DCF method and Value 1,850,000 indicated value by direct capitalization method. Value indicated by the income approach (direct capitalization 1,900,000 method)

- 13 - Effective gross income 107,618 Assessment based on current contracted rental levels, new rental levels for comparable real estate in the same area with similar Potential total profits 113,089 supply and demand, supply and demand trends, and the medium to long term competitiveness of the target real estate. Losses from vacancies, Assess the vacancy rate that is deemed stable over the medium to 5,471 long term based on the actual vacancy rate of the target real estate etc. and the standard vacancy rate of comparable real estate. Operating expenses 20,867 Posted making a validation based on the standard of comparable Management fees 2,567 real estate based on building maintenance fees. Property Management Posted making a validation based on the standard of comparable 1,768 fee real estate from the PM contract. Assessment made for posting based on the standard of comparable Utilities expenses 974 real estate and the actual results of the past fiscal years Maintenance and repair Posted after referencing the repair costs of comparable real estate. 1,404 Tenant replacement expenses are posted in consideration of the cost replacement rate and vacancy rate. Tenant advertisement Posted in reference to tenant-seeking costs of comparable real 3,379 expenses, etc. estate. Public charges and Land is not posted due to the land being leased. For buildings, the 6,108 taxes amount posted is based on the actual amount for FY2021. Casualty insurance 105 Assessment based on actual payments premiums Land rent is assessed and posted based on the contract. Assessed Other expenses 4,561 and posted after referencing numbers from past fiscal years. Net operating income (NOI) 86,751 Interest on lump-sum The investment yield is assessed to be 1.0% after 81 comprehensively considering the interest rate levels of both the payments investment and replacement. Assessed and posted after referencing the renewal cost of Capital expenditures 1,470 comparable real estate. Net cash flow (NCF) 85,362 Assessed after comprehensively considering criteria including the Capitalization rate 4.5% location, the building and other characteristics of the target real estate and transactions involving comparable real estate. Value indicated by the income approach (discounted cash flow 1,830,000 method) Assessed through comparison with discount rates in transactions Discount rate 4.3% involving similar properties and the yields of other financial instruments.

Assessed after considering the marketability of the target real Terminal capitalization rate 4.7% estate after the expiration of the holding period based on the capitalization rate. Value indicated by the cost approach 1,530,000 using the cost accounting method Percentage of land 62.0%

Percentage of building 38.0% Other notable items regarding the - appraisal as stated by the appraiser (Note) The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management Company

Property name HF YAHIRO RESIDENCE Appraisal value 1,330,000thousand yen Appraiser Daiwa Real Estate Appraisal Co., Ltd. Value date March 31, 2021 Content Item (thousand yen) Overview, etc. (Note) Estimated by linking indicated value by DCF method and Value 1,330,000 indicated value by direct capitalization method. Value indicated by the income 1,380,000

- 14 - approach (direct capitalization method) Effective gross income 80,416 Assessment based on current rental levels in contract, new rental levels for comparable real estate in the same area with the same Potential total profits 84,504 demand and supply as well as their trends, and taking into account the medium- to long-term competitiveness of the target real estate. Losses from vacancies, Posted based on the actual vacancy rate of the target real estate 4,088 etc. and a standard vacancy rate of comparable real estate Operating expenses 17,212 Posted making a validation based on the standard of comparable Management fees 3,695 real estate based on building maintenance fees. Property Management Posted making a validation based on the standard of comparable 1,399 fee real estate from the PM contract. Assessment made for posting based on the standard of comparable Utilities expenses 976 real estate and the actual results of the past fiscal years Maintenance and repair The average annual maintenance and repair cost stated in the 1,113 engineering report is posted. Tenant replacement expenses are cost posted in consideration of the replacement rate and vacancy rate. Tenant advertisement Assessment based on the tenant advertisement expenses for 2,546 expenses, etc. comparable real estate, etc. Public charges and 5,061 Assessment based on actual payments taxes Casualty insurance With reference to insurance premiums for comparable real estate, 83 an amount equivalent to 0.02% of building replacement cost is premiums posted. Other expenses 2,337 Posted in reference to actual numbers from past fiscal years. Net operating income (NOI) 63,204 Interest on lump-sum Assessment on the investment yield made at 1.0% after 10 comprehensively considering the interest rate levels of both the payments investment and replacement. The 15-year average annual renovation expense stated in the Capital expenditures 1,162 engineering report is posted. Net cash flow (NCF) 62,052 Assessment made after comprehensively taking into account criteria of the location, building and other factors of the target real Capitalization rate 4.5% estate as well as examples of transactions of comparable real estate. Value indicated by the income approach (discounted cash flow 1,310,000 method) Assessment made by comparing with the discount rate related to Discount rate 4.3% the transactions of comparable real estate, investment yields of other financial products.

Assessment made after taking into account the marketability of Terminal capitalization rate 4.7% the target real estate upon the expiration of the holding period based on the capitalization rate. Value indicated by the cost approach 1,220,000 using the cost accounting method Percentage of land 60.8%

Percentage of building 39.2% Other notable items regarding the - appraisal as stated by the appraiser (Note)The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management Company

Property name HF SETAGAYAKAMIMACHI RESIDENCE Appraisal value 786,000thousand yen Appraiser Daiwa Real Estate Appraisal Co., Ltd. Value date March 31, 2021 Content Item (thousand yen) Overview, etc. (Note)

- 15 - Estimated by linking indicated value by DCF method and Value 786,000 indicated value by direct capitalization method. Value indicated by the income approach (direct capitalization 822,000 method) Effective gross income 40,025 Assessment based on current rental levels in contract, new rental levels for comparable real estate in the same area with the same Potential total profits 42,217 demand and supply as well as their trends, and taking into account the medium- to long-term competitiveness of the target real estate. Losses from vacancies, Posted based on the actual vacancy rate of the target real estate 2,191 etc. and a standard vacancy rate of comparable real estate Operating expenses 8,310 Posted making a validation based on the standard of comparable Management fees 1,515 real estate based on building maintenance fees. Property Management Posted making a validation based on the standard of comparable 696 fee real estate from the PM contract. Assessment made for posting based on the standard of comparable Utilities expenses 331 real estate and the actual results of the past fiscal years Maintenance and repair The average annual maintenance and repair cost stated in the 481 engineering report is posted. Tenant replacement expenses are cost posted in consideration of the replacement rate and vacancy rate. Tenant advertisement Assessment based on the tenant advertisement expenses for 1,384 expenses, etc. comparable real estate, etc. Public charges and 2,434 Assessment based on actual payments taxes Casualty insurance With reference to insurance premiums for comparable real estate, 36 an amount equivalent to 0.02% of building replacement cost is premiums posted. Other expenses 1,432 Posted in reference to actual numbers from past fiscal years. Net operating income (NOI) 31,232 Interest on lump-sum Assessment on the investment yield made at 1.0% after 30 comprehensively considering the interest rate levels of both the payments investment and replacement. The 15-year average annual renovation expense stated in the Capital expenditures 512 engineering report is posted. Net cash flow (NCF) 31,232 Assessment made after comprehensively taking into account criteria of the location, building and other factors of the target real Capitalization rate 3.8% estate as well as examples of transactions of comparable real estate. Value indicated by the income approach (discounted cash flow 770,000 method) Assessment made by comparing with the discount rate related to Discount rate 3.6% the transactions of comparable real estate, investment yields of other financial products.

Assessment made after taking into account the marketability of Terminal capitalization rate 4.0% the target real estate upon the expiration of the holding period based on the capitalization rate. Value indicated by the cost approach 877,000 using the cost accounting method Percentage of land 76.0%

Percentage of building 24.0% Other notable items regarding the - appraisal as stated by the appraiser (Note)The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management Company

* Investment Corporation Website: https://www.heiwa-re.co.jp/en/

- 16 - 【Attachment】 (Attachment 1) Picture and Map of the properties to be acquired Of-47 OSAKI CN BUILDING (Pictures)

(Map)

- 17 - Re-95 HF SHOKOJI AKABANE RESIDENCE Ⅱ (Pictures)

(Map)

- 18 - Re-96 HF YAHIRO RESIDENCE (Pictures)

(Map)

- 19 - Re-97 HF SETAGAYAKAMIMACHI RESIDENCE (Pictures)

(Map)

- 20 - (Attachment 2) Portfolio list after the acquisition of the properties Property Investment Acquisition Price Investment Property Name(Note1) Location No. Area (million yen) Ratio (%) (Note 2) (Note 3) (Note 3) Of-05 SUITENGU HEIWA BUILDING Chuo-ku, Tokyo I 1,550 0.80 Of-06 HF MONZENNAKACHO BUILDING Koto-ku, Tokyo I 2,500 1.30 Minato-ku, Of-07 HF HAMAMATSUCHO BUILDING I 1,530 0.79 Tokyo Minato-ku, Of-08 HF TAMEIKE BUILDING I 2,700 1.40 Tokyo Minato-ku, Of-09 GRACE BUILDING SENGAKUJIMAE I 1,220 0.63 Tokyo Of-11 HF NIHONBASHI ODENMACHO BUILDING Chuo-ku, Tokyo I 2,150 1.11 Of-12 HF HATCHOBORI BUILDING Chuo-ku, Tokyo I 3,092 1.60 Of-17 HATCHOBORI MF BUILDING Chuo-ku, Tokyo I 1,110 0.58 Shibuya-ku, Of-18 M2 HARAJUKU I 3,418 1.77 Tokyo Funabashi City, Of-20 FUNABASHI FACE BUILDING II 3,900 2.02 Chiba Minato-ku, Of-21 ADESSO NISHIAZABU I 640 0.33 Tokyo -ku, Of-23 HF IKEBUKURO BUILDING I 1,314 0.68 Tokyo Bunkyo-ku, Of-24 HF YUSHIMA BUILDING I 1,624 0.84 Tokyo Of-25 KAYABACHO HEIWA BUILDING Chuo-ku, Tokyo I 4,798 2.49 Kobe City, Of-27 KOBE KYUKYORYUCHI HEIWA BUILDING III 2,310 1.20 Hyogo Nagoya City, Of-29 SAKAE MINAMI BUILDING III 1,580 0.82

Office Aichi Nagoya City, Of-30 HF SAKURADORI BUILDING III 4,900 2.54 Aichi

Of-31 HF NIHONBASHI HAMACHO BUILDING Chuo-ku, Tokyo I 1,900 0.98 Sendai City, Of-32 HF SENDAI HONCHO BUILDING III 2,700 1.40 Miyagi Of-33 HF UENO BUILDING Taito-ku, Tokyo I 3,400 1.76 Chiyoda-ku, Of-34 KOJIMACHI HF BUILDING I 1,350 0.70 Tokyo Chiyoda-ku, Of-35 HF KUDAN MINAMI BUILDING I 2,720 1.41 Tokyo Chiyoda-ku, Of-36 HF KANDA OGAWAMACHI BUILDING I 3,150 1.63 Tokyo Yokohama City, Of-37 NISSO 5 BUILDING II 3,100 1.61 Kanagawa Of-38 ACROSS SHINKAWA BUILDING Chuo-ku, Tokyo I 3,750 1.94 Adachi-ku, Of-39 SENJU MILDIX Ⅱ I 1,650 0.86 Tokyo Minato-ku, Of-40 ARK Mori Building I 3,085 1.60 Tokyo Of-41 Nihonbashi Horidomecho First Chuo-ku, Tokyo I 2,140 1.11 Hachioji City, Of-42 Southern Sky Tower Hachioji II 1,600 0.83 Tokyo Of-43 HAMACHO HEIWA BUILDING Chuo-ku, Tokyo I 3,100 1.61 Sumida-ku, Of-44 KINSICHO SQUARE BUILDING I 2,840 1.47 Tokyo Of-45 KABUTO-CHO UNI-SQUARE Chuo-ku, Tokyo I 3,580 1.86 Sendai City, Of-46 TORYO BUILDING III 2,501 1.30 Miyagi Shinagawa-ku, Of-47 OSAKI CN BUILDING I 5,160 2.67 Tokyo Office Subtotal 88,062 45.65

- 21 - Property Investment Acquisition Price Investment Property Name(Note1) Location No. Area (million yen) Ratio (%) (Note 2) (Note 3) (Note 3) Ichikawa City, Re-03 HF ICHIKAWA RESIDENCE II 430 0.22 Chiba -ku, Re-05 HF MEGURO RESIDENCE I 660 0.34 Tokyo Edogawa-ku, Re-09 HF KASAI RESIDENCE I 650 0.34 Tokyo HF WAKABAYASHI-KOEN Setagaya-ku, Re-11 I 3,610 1.87 RESIDENCE Tokyo Meguro-ku, Re-12 HF HIMONYA RESIDENCE I 1,560 0.81 Tokyo Minato-ku, Re-14 HF MINAMIAZABU RESIDENCE I 1,370 0.71 Tokyo HF GAKUGEIDAIGAKU Meguro-ku, Re-16 I 1,000 0.52 RESIDENCE Tokyo Chiyoda-ku, Re-17 HF HIGASHIKANDA RESIDENCE I 1,100 0.57 Tokyo HF HIGASHINIHONBASHI Re-18 Chuo-ku, Tokyo I 1,210 0.63 RESIDENCE -ku, Re-19 HF NERIMA RESIDENCE I 690 0.36 Tokyo HF SHIROKANETAKANAWA Minato-ku, Re-20 I 4,030 2.09 RESIDENCE Tokyo Setagaya-ku, Re-21 HF MEIDAIMAE RESIDENCE I 1,070 0.55 Tokyo Re-22 HF NIHONBASHI RESIDENCE Chuo-ku, Tokyo I 1,130 0.59 Nerima-ku, Re-23 HF KAMISHAKUJII RESIDENCE I 950 0.49 Tokyo Sumida-ku, Re-24 HF KINSHICHO RESIDENCE I 1,100 0.57 Tokyo Re-25 HF GINZA RESIDENCE EAST Chuo-ku, Tokyo I 5,940 3.08

Yokohama City, Re-26 HF SHIN-YOKOHAMA RESIDENCE II 3,350 1.74 Kanagawa Bunkyo-ku, Re-29 HF HAKUSAN RESIDENCE I 2,350 1.22 Tokyo Re-30 HF MAGOME RESIDENCE Ota-ku, Tokyo I 1,630 0.84 HF GAKUGEIDAIGAKU Meguro-ku, Re-31 I 1,650 0.86 RESIDENCE II Tokyo Re-33 HF KAMEIDO RESIDENCE Koto-ku, Tokyo I 1,050 0.54 Nishi-tokyo Re-34 HF TANASHI RESIDENCE II 911 0.47 City, Tokyo Minato-ku, Re-35 HF SHIBA-KOEN RESIDENCE I 836 0.43 Tokyo Minato-ku, Re-36 HF MITA RESIDENCE I 1,080 0.56 Tokyo LA RESIDENCE DE Minato-ku, Re-38 I 730 0.38 SHIROKANEDAI Tokyo Re-39 HF GINZA RESIDENCE EAST II Chuo-ku, Tokyo I 1,460 0.76 Re-40 HF HATCHOBORI RESIDENCE II Chuo-ku, Tokyo I 1,890 0.98 Re-41 HF HATCHOBORI RESIDENCE III Chuo-ku, Tokyo I 793 0.41 Re-42 HF GINZA RESIDENCE Chuo-ku, Tokyo I 944 0.49 HF KOMAZAWA-KOEN Setagaya-ku, Re-43 I 6,520 3.38 RESIDENCE TOWER Tokyo Osaka City, Re-45 HF NAKANOSHIMA RESIDENCE III 453 0.23 Osaka Osaka City, Re-46 HF AWAZA RESIDENCE III 577 0.30 Osaka Nagoya City, Re-47 HF MARUNOUCHI RESIDENCE III 624 0.32 Aichi Fukuoka City, Re-48 HF HIRAO RESIDENCE III 1,780 0.92 Fukuoka

- 22 - Property Investment Acquisition Price Investment Property Name(Note1) Location No. Area (million yen) Ratio (%) (Note 2) (Note 3) (Note 3) HF KAWARAMACHI NIJO Kyoto City, Re-49 III 534 0.28 RESIDENCE Kyoto HF SHIJYO KAWARAMACHI Kyoto City, Re-53 III 1,820 0.94 RESIDENCE Kyoto Bunkyo-ku, Re-54 LA RESIDENCE DE SENDAGI I 820 0.43 Tokyo Bunkyo-ku, Re-55 HF SENDAGI RESIDENCE I 870 0.45 Tokyo HF KOMAZAWA-KOEN Setagaya-ku, Re-56 I 615 0.32 RESIDENCE Tokyo HF MUSASHIKOYAMA Shinagawa-ku, Re-57 I 842 0.44 RESIDENCE Tokyo Kokubunji City, Re-58 HF KOKUBUNJI RESIDENCE II 839 0.43 Tokyo Nagoya City, Re-59 HF HISAYAODORI RESIDENCE III 1,080 0.56 Aichi Kyoto City, Re-60 HF KARASUMA KURAMAGUCHI RESIDENCE III 572 0.30 Kyoto Shinjuku-ku, Re-61 HF NISHI-SHINJUKU RESIDENCE WEST I 1,990 1.03 Tokyo Shinjuku-ku, Re-62 HF NISHI-SHINJUKU RESIDENCE EAST I 1,170 0.61 Tokyo HF HIGASHI-SHINJUKU Shinjuku-ku, Re-63 I 1,360 0.71 RESIDENCE Tokyo HF HIGASHI-SHINSAIBASHI Osaka City, Re-64 III 566 0.29 RESIDENCE Osaka Sendai City, Re-65 HF KITA-YOBANCHO RESIDENCE III 809 0.42 Miyagi Sendai City, Re-66 HF ATAGOBASHI RESIDENCE III 684 0.35 Miyagi HF KYUDAIBYOIN-MAE Fukuoka City, Re-67 III 426 0.22 RESIDENCE Fukuoka Re-68 HF ASAKUSABASHI RESIDENCE Taito-ku, Tokyo I 771 0.40 Sendai City, Re-69 HF ICHIBANCHO RESIDENCE III 834 0.43 Miyagi Nakano-ku, Re-70 HF HIGASHI-NAKANO RESIDENCE I 942 0.49 Tokyo Shinjuku-ku, Re-72 HF WASEDA RESIDENCE I 2,090 1.08 Tokyo Shinjuku-ku, Re-73 HF WASEDA RESIDENCE II I 872 0.45 Tokyo HF WAKAMATSU KAWATA Shinjuku-ku, Re-74 I 1,158 0.60 RESIDENCE Tokyo Sendai City, Re-75 HF SENDAI RESIDENCE EAST III 1,638 0.85 Miyagi Sendai City, Re-76 HF NISHIKOEN RESIDENCE III 1,310 0.68 Miyagi Sendai City, Re-77 HF BANSUI-DORI RESIDENCE III 790 0.41 Miyagi Yokohama City, Re-78 HF KANNAI RESIDENCE II 1,800 0.93 Kanagawa Nagoya City, Re-79 HF MEIEKI-KITA RESIDENCE III 2,160 1.12 Aichi HF HIGASHI-SAPPORO Sapporo City, Re-80 III 1,560 0.81 RESIDENCE Hokkaido HF HAKATA-HIGASHI Fukuoka City, Re-81 III 880 0.46 RESIDENCE Fukuoka Sendai City, Re-82 HF SENDAI ITSUTSUBASHI RESIDENCE III 850 0.44 Miyagi Re-83 HF TABATA RESIDENCE Kita-ku, Tokyo I 1,100 0.57 Sumida-ku, Re-84 HF RYOGOKU RESIDENCE I 1,400 0.73 Tokyo

- 23 - Property Investment Acquisition Price Investment Property Name(Note1) Location No. Area (million yen) Ratio (%) (Note 2) (Note 3) (Note 3) Hachioji City, Re-85 HF HACHIOJI RESIDENCE II 1,120 0.58 Tokyo Minato-ku, Re-86 HF MITA RESIDENCE II I 1,210 0.63 Tokyo Re-87 HF MONZEN-NAKACHO RESIDENCE Koto-ku, Tokyo I 945 0.49 Re-88 HF MINAMI-SUNAMACHI RESIDENCE Koto-ku, Tokyo I 900 0.47 Sendai City, Re-89 HF SENDAI NAGAMACHI RESIDENCE III 1,030 0.53 Miyagi Re-90 HF SHOKOJI AKABANE RESIDENCE Kita-ku, Tokyo I 1,150 0.60 Sendai City, Re-91 HF SENDAI HONCHO RESIDENCE III 1,070 0.55 Miyagi Fukuoka City, Re-92 HF OHORI RESIDENCE BAYSIDE III 1,150 0.60 Fukuoka Fukuoka City, Re-93 HF HAKATA-HIGASHI RESIDENCE Ⅱ Ⅲ 1,198 0.62 Fukuoka Fukuoka City, Re-94 HF FUKUOKA RESIDENCE EAST Ⅲ 1,180 0.61 Fukuoka Re-95 HF SHOKOJI AKABANE RESIDENCE Ⅱ Kita-ku, Tokyo I 1,690 0.88 Sumida-ku, Re-96 HF YAHIRO RESIDENCE I 1,220 0.63 Tokyo Setagaya-ku, Re-97 HF SETAGAYAKAMIMACHI RESIDENCE I 700 0.36 Tokyo Residence Subtotal 104,844 54.35 Portfolio Total 192,906 100.00 (Note 1) Re-93 HF HAKATA-HIGASHI RESIDENCE II and Re-94 HF FUKUOKA RESIDENCE EAST are to be renamed on October 1, 2021. (Note 2) The Investment Area column entries are as follows: I: Investment in the Primary Investment Area (The 23 Wards of Tokyo) II: Investment in the Secondary Investment Area (Tokyo, outside the Primary Investment Area), and major urban areas in Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture) III: Investment in the Regional Investment Area (major urban areas in the metropolitan area excluding the Primary Investment Area and the Secondary Investment Area). The metropolitan area is the urban area including the central wards that are the main districts of Tokyo, the government-designated cities, and the surrounding municipalities that are socially and economically connected to Tokyo. (Note 3) Figures for the acquisition price are rounded off to the nearest specified unit, and figures for the investment ratio are rounded to the second decimal place. Accordingly, the figures may not necessarily add up to the figures in the total columns.

- 24 -