Notice Concerning the Acquisition and Transfer of Property

Translation Purposes Only March 26, 2021 To All Concerned Parties

Name of REIT Issuer: Hulic Reit, Inc. 2-26-9 Hatchobori, Chuo-ku, Tokyo, Japan Eiji Tokita, Executive Officer (TSE Code: 3295) Contact: Asset Management Company Hulic REIT Management Co., Ltd. Kazuaki Chokki, President and CEO Person to Contact: Hiroshi Machiba, CFO, Head of Planning and Administration Division and General Manager of Finance and Planning Department Tel: +81-3-6222-7250

Notice concerning the Acquisition and Transfer of Property

TOKYO, March 26, 2021 – Hulic Reit, Inc. (“Hulic Reit”) announces that Hulic REIT Management Co., Ltd. (“Hulic REIT Management”), which is entrusted with the management of the assets of Hulic Reit, has made the decision today to acquire (“Acquisition”) and transfer (“Transfer”) the properties listed below (hereinafter individually or collectively referred to as the “Property”). Since the counterparty to the Acquisition of the Property includes an Interested Person, etc. (as defined in item 3 of Notes below) of Hulic REIT Management, and is an interested party according to Hulic REIT Management’s Regulations on Transactions with Interested Parties, the necessary procedures stipulated in the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended) (“Act”) and Hulic REIT Management’s internal policies (including Regulations on Transactions with Interested Parties) have been completed concerning the Acquisition.

1. Overview of the acquisition and transfer (A) Assets planned for acquisition

(1) (2) (3) (4) (5) (6) (7) Category Property name Location Assets scheduled to Anticipated Seller Presence of be acquired acquisition price Intermediary (Millions of yen) (Note 1) Tokyo Commercial Property Real estate trust Hulic Ueno Hulic Co., Office Taito-ku, Tokyo beneficiary rights 4,100 None Building Ltd. (Note 3) (Note 2) Next-Generation Assets Plus Private Real estate trust Hulic Co., nursing Hulic Chofu Chofu-shi, Tokyo 3,340 None beneficiary rights Ltd. (Note 3) homes Total －－ 7,440 －－

(8) Acquisition decision date : March 26, 2021

Disclaimer: This press release is an announcement concerning the acquisition and transfer of property of Hulic Reit and was not prepared for the purpose of soliciting investment. When investing, Hulic Reit advises investors to do so at their own responsibility and discretion, after carefully reading the prospectus on the issuance of new investment units and the secondary offering of investment units as well as any amendments prepared by Hulic Reit.

(9) Date of purchase and sale agreement : March 26, 2021 (10) Anticipated acquisition date (Note 4) : March 31, 2021 (11) Payment date (Note 4) : March 31, 2021 (12) Acquisition funds : Cash reserves and proceeds from the Transfer (13) Settlement method : Full payment upon delivery Notes: 1. “Anticipated acquisition price” does not include consumption or local taxes or the costs and expenses related to the acquisition. 2. This is a trust beneficiary right whereby the trust assets consist of ownership rights for a bank branch building and its site and co-ownership interests (50.0%) in unit ownership rights for tower parking on the north side of the parking lot, as well as quasi-co-ownership interests (50.0%) in other leaseholds on the site of the parking lot based on a land rental agreement. We plan to acquire 90.0% of quasi-co-ownership in these trust beneficiary rights. 3. Hulic Co., Ltd. is an Interested Person, etc. (as defined in Article 201 of the Act and Article 123 of the Order for Enforcement of the Act on Investment Trusts and Investment Corporations (Cabinet Order No. 480 of 2000, as amended); the same shall apply hereinafter) of Hulic REIT Management, and is an interested party according to Hulic REIT Management’s Regulations on Transactions with Interested Parties. 4. The anticipated acquisition date and payment date are stated in the relevant purchase and sale agreement.

(B) Asset planned for transfer (1) Category Tokyo Commercial Property (Office) (2) Property name Shinagawa Season Terrace (3) Location Minato-ku, Tokyo (4) Asset planned for transfer Real estate trust beneficiary rights (Note 1) (5) Anticipated transfer price (Note 2) 6,280 million yen (6) Estimated book value (Note 3) 5,920 million yen (7) Transfer difference (Note 4) +359 million yen (8) Transfer decision date March 26, 2021 (9) Date of purchase and sale agreement March 26, 2021 (10) Anticipated transfer date (Note 5) March 30, 2021 (11) Date payment received (Note 5) March 30, 2021 (12) Counterparty to the transfer Undisclosed (Note 6) (13) Presence of intermediary None (14) Transferred funds The balance after the allocation of gain from the transfer (Note 7) is expected to be applied toward the price of the Acquisition. (15) Settlement method Full payment upon delivery Notes: 1. We plan to transfer 25.0% (all of Hulic Reit's equity) of quasi-co-ownership interest in trust beneficiary rights whereby the trust assets are co-ownership interests in unit ownership rights for the stores, assembly hall, and clinic from the first floor to the third floor and the offices from the sixth floor to the tenth floor and the eighteenth floor to the twenty-sixth floor (18.0%), co-ownership interests in the offices on the fifth floor (approximately 3.4%), quasi-co-ownership interests in other leaseholds for the building site based on a land rental agreement (approximately 9.5%) and land use lease rights for the land near the building (18.0%). 2. ”Anticipated transfer price” does not include consumption or local taxes or the costs and expenses related to the transfer. 3. Estimated book value as of the anticipated transfer date rounds down units of less than one million yen. 4. The difference between the anticipated transfer price and estimated book value rounds down units of less than one million yen. 5. The anticipated transfer date and payment date are stated in the purchase and sale agreement. 6. The counterparty to the transfer is a company based in Japan. Further information is undisclosed because the counterparty has not consented to such disclosure. 7. We expect to set aside part of the gains on transfer (about 69 million yen) as internal reserves.

2. Reason for acquisition and transfer (A) Assets planned for acquisition In accordance with the basic policies of Hulic Reit, the purpose of acquiring the Property is to improve the portfolio. Hulic REIT Management has assessed each property based on the following factors:

・Hulic Ueno Building

1) Characteristics of the location This property is located on the corner of an area lined with office buildings along Chuo Dori, which is a three-minute walk from Ueno Hirokoji Station, the nearest station, on the Tokyo Metro Ginza Line. In addition to the nearest station, this property is within walking distance of many train stations, including Okachimachi Station on the JR Yamanote Line, among other lines, and Yushima Station on the Tokyo Metro Chiyoda Line. This property is very close to the city center and has outstanding access to transportation. The Ueno-Okachimachi area in which the property is located has long been a densely concentrated commercial and industrial district centered around Ueno Station. Ueno Station functions as a terminal hub in which passengers can access many train lines, including Shinkansen, JR conventional lines, subways, and private railway lines, positioning this station as the northern entrance to Tokyo. In addition, many companies have established bases in this area to oversee their operations in Joto and Johoku areas in Tokyo. This property's location along the major road gives it excellent visibility in the Ueno-Okachimachi area, and ample frontage has been secured as well. As such, we believe this property should be evaluated highly.

2) Characteristics of the property This property is an office building with one floor below ground and eight floors above ground. The first through fourth floors and the sixth floor are occupied by a bank, the fifth and seventh floors are sales offices for customer visits (part of the fifth floor is occupied by a bank) and the eighth floor consists of offices. It is a small-to-medium-scale office building with a total floor space of approximately 4,376 m2 (approximately 1,323 tsubo) (Note) and a standard area per floor of approximately 450 m2 (approximately 136 tsubo), which is the most popular size in this area and neighboring areas. Uniform shapes of rental units and highly efficient space usages are both factors that we believe will be popular among tenants. Ceilings are 2,550 mm high (comparable with OA in the future) and both individual air-conditioning systems and central air systems are available. These satisfy basic specifications that will meet general tenant needs. This property was completed in 1986, but given that many office buildings near this site were also completed around the same time (among other factors), we believe that this building will be valued highly in this area. Given these factors, we have determined that this property has a certain competitiveness in terms of site, scale and facilities. Note: This building consists of two buildings⸻the bank branch building and a parking lot⸻but the figures provided here are based on the entries in the property registry for the bank building.

・Hulic Chofu 1) Characteristics of the location This property is located a five-minute walk from Chofu Station on Keio Railway's Keio Line. The nearest station, Chofu Station, has many retail facilities such as Parco and Seiyu nearby. Additionally, it only takes fifteen minutes from Chofu Station to Shinjuku Station via Keio Railway’s Keio Line limited express train, allowing high accessibility. These are factors that makes this area appealing to active seniors, a demographic class that has been increasing in recent years. We believe that, in addition to the location’s accessibility and convenience, its rich scenic nature, such as Jindaiji Temple and the Tama

River, in the surrounding areas makes the area an ideal residential environment. 2) Characteristics of the property This property is a welfare and service mixed-use building that primarily serves as a high-end private nursing home, and was completed in March 2017. The building has eight above-ground floors, with the first and second floors occupied by a pharmacy, clinic and others, while the third through eighth floors constitute the private nursing home. The private nursing home has individual residential rooms on the fourth floor partially and the fifth through eighth floors. Common areas include a reception area, offices, visiting room, kitchen, mechanized bathroom, and multi-purpose rooms on the third floor, and individual residential rooms, a dining hall/training room, kitchen, bathrooms and other on the fourth floor. It houses a total of 84 rooms with a capacity of 84 residents, a scale that is relatively large-compared to competing facilities. The exterior's monotone façade, and the interior design with wood-grained doors and carpets in calming colors create a prestigious ambience. The tables provided for residents in the dining hall can be separated as a measure to prevent coronavirus infections among residents. In addition, clinics and other facilities on the first through second floors give residents a sense of reassurance. The building also has adopted a solar power generation system, LED lighting throughout the building, natural ventilation systems and multi-layered glass in all residential rooms, which helps to conserve energy and reduce CO2. In addition, provisions in the event of a disaster have been stockpiled, the building is built to withstand an earthquake of 1.25 times the impact stipulated in the Building Standard Law, and escape balconies have been set up from the third floor and above so that all residents and staff can seek temporary refuge. As such, BCP measures and a long-life design have been incorporated with this property.

(B) Assets planned for transfer Based on the basic policies of Hulic Reit, Hulic REIT Management is building a portfolio in accordance with comprehensive decisions in consideration of the competitiveness, etc. of each property along with the growth potential, profitability, and risk factors for the portfolio overall. The decision to transfer this property was made on the basis of a comprehensive assessment of individual factors such as the type of ownership for the property and taking into account the possibility that its revenue potential could decrease in the future.

3. Overview of the Properties (A) Assets planned for acquisition ・Hulic Ueno Building (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 4,100 million yen Trustee Mizuho Trust & Banking Co., Ltd. Date trust initiated March 31, 2021 Expiration date of trust period March 31, 2031 Nearest station Three-minute walk from Ueno Hirokoji Station on Tokyo Metro Ginza Line (Bank branch building) 3-16-5 Ueno, Taito-ku, Tokyo Address (domicile) (Parking lot) 3-15-1 Ueno, Taito-ku, Tokyo (Bank branch building) 3-4-1 Ueno, Taito-ku, Tokyo and others Lot number (Parking lot) 3-6-4 Ueno, Taito-ku, Tokyo (Bank branch building) 100% (Note 2) Building-to-land ratio (Parking lot) 90% (Note 3) (Bank branch building) 700% Floor-area ratio (Parking lot) 600% Land (Bank branch building) Commercial area Zoning (Parking lot) Commercial area (Bank branch building) 647.43 m2 (Note 4) Site area (Parking lot) 234.15 m2 (Note 4) (Bank branch building) Proprietary ownership (quasi-co-ownership interest of Type of ownership 90.0%) (Parking lot) Leasehold interest (Note 5) (Bank branch building) April 1986 Completed (Parking lot) March 1986 (Bank branch building) SRC Structure (Parking lot) S (Bank branch building) 8F/B1 Number of floors (Parking lot) One-story structure (Bank branch building) Bank and Office Use (Parking lot) Parking lot Building (Bank branch building) 4,376.30 m2 (Note 6) Total floor space (Parking lot) 101.45 m2 (Note 6) Number of parking (Bank branch building) － spaces (Parking lot) 18 (Note 7) (Bank branch building) Unit ownership rights (quasi-co-ownership interest of 90.0%) (Note 8) Type of ownership (Parking lot) Co-ownership in unit ownership rights (quasi-co-ownership interest of 90.0%) (Note 9) Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 10) Master lease company Hulic Co., Ltd. (anticipated) (Note 10) Appraisal value 4,284 million yen (Note 11) (Date of valuation) (February 1, 2021) Appraisal company Japan Real Estate Institute PML 5.72% (Note 12) Details of Tenant (Note 13) Total leased floor space 3,031.85 m2 (Note 14) Total leasable floor space 3,031.85 m2 (Note 14) Occupancy rate 100.0% Main tenant Undisclosed (Note 15) Total number of tenants 4 Total lease income (annualized) 210 million yen (Note 14) (Note 16) Lease and guarantee deposits 190 million yen (Note 14) (Note 17)

Preferential negotiation rights for purchase of mutual quasi-co-ownership Special remarks interests are granted to quasi-co-owners. Notes: 1. Details are as of the anticipated acquisition date, confirmed as of March 26, 2021. 2. The designated building-to-land ratio of the land of the Property is 80%; however, since the building is a fire- resistant building within a fire prevention area, the applied building-to-land ratio is 100%. 3. The designated building-to-land ratio of the land of the Property is 80%, but the actual applicable ratio was set at 90% as it is located on a corner. 4. Based on the entry in the property registry. The actual status may differ in some cases. This figure includes the site area of the entire building. 5. The land to be acquired has a 90.0% quasi-co-ownership interest in trust beneficiary rights in which some of the trust assets are a quasi-co-ownership interest (50.0%) in leaseholds for the building site based on a land rental agreement. 6. Based on the entry in the property registry. This figure includes the site area of the entire building. 7. The figure noted does not include the regular parking lot located in the section owned exclusively by other unit owners. 8. Hulic Reit will have unit co-ownership in this property, but it plans to acquire 90.0% interest in the trust beneficiary rights acquired under quasi-co-ownership, with part of the assets under trust being the single building and its site overall (100%). 9. With the acquisition of this property, Hulic Reit will acquire a 90.0% interest in the trust beneficiary rights acquired under quasi-co-ownership, with part of the assets under trust being a co-ownership in unit ownership interests in the tower parking lot on the north side of the parking lot (50.0%). 10. Hulic Co., Ltd. is an Interested Person, etc. of Hulic REIT Management, and is an interested party according to Hulic REIT Management’s Regulations on Transactions with Interested Parties. 11. The price equals the quasi-co-ownership interest expected to be acquired by Hulic Reit is stated. 12. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc. 13. As the trustee and the master lease company enter into a pass-through master lease agreement with no rent guarantee, total leased floor space, occupancy rate, total number of tenants, total lease income, and lease and guarantee deposits of the end-tenants subleased by the master lease company are indicated in the “Details of Tenant.” 14. The figure equals the quasi-co-ownership interest to be acquired by Hulic Reit. 15. Not disclosed because approval for disclosure has not been acquired from the tenant. 16. The annualized amount is calculated by multiplying the total amount of monthly rent in each lease agreement with end-tenants (including common services fees; limited to rent for rooms that are occupied by tenants and excluding fees for using warehouses, signboards, and parking lots; also not taking free rent, etc. into consideration and excluding consumption taxes) by 12 and rounding to the nearest million yen. 17. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

・Hulic Chofu (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 3,340 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Date trust initiated March 31, 2021 Expiration date of trust period March 31, 2031 Nearest station Five-minute walk from Chofu Station on Keio Railway's Keio Line Address (domicile) 1-14-3 Kojimacho, Chofu-shi, Tokyo Lot number 1-14-3 Kojimacho, Chofu-shi, Tokyo and others Building-to-land ratio 100% (Note 2) Floor-area ratio 500%・300% (Note 3) Land Zoning Commercial area, Neighborhood commercial area (Note 3) Site area 1,168.05 m2 (Note 4) Type of ownership Proprietary ownership Completed March 2017 Structure RC Building Number of floors 8F Use Private nursing home, Clinic and Shops Total floor space 4,343.38 m2 (Note 5)

Number of parking 15 spaces Type of ownership Proprietary ownership Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 6) Master lease company Hulic Co., Ltd. (anticipated) (Note 6) Operator Charm Care Corporation Co., Ltd. (Note 7) Back-up operator None Appraisal value 3,430 million yen (Date of valuation) (February 1, 2021) Appraisal company Japan Real Estate Institute PML 3.32 % (Note 8) Details of Tenant (Note 9) Total leased floor space 4,357.58 m2 Total leasable floor space 4,357.58 m2 Occupancy rate 100.0% Main tenant Charm Care Corporation Co., Ltd. (Note 10) Total number of tenants 7 Total lease income (annualized) 173 million yen (Note 11) Lease and guarantee deposits 144 million yen (Note 12) Preferential negotiating rights for purchase of the property were granted to the Special remarks end tenant of private nursing home. Notes: 1. Details are as of the anticipated acquisition date, confirmed as of March 26, 2021. 2. The designated building-to-land ratio of this property's land is 80%; however, since the building is a fire-resistant building within a fire prevention area, the applied building-to-land ratio is 100%. 3. The portion of the property within 20 meters of the road on the south is designated for commercial area and has a floor-area ratio of 500%. The area over 20 meters from the road on the south is designated as a neighborhood commercial area and has a floor-area ratio of 300%. 4. Based on the entry in the property registry. The actual status may differ in some cases. 5. Based on the entry in the property registry. 6. Hulic Co., Ltd. is an Interested Person, etc. of Hulic REIT Management, and is an interested party according to Hulic REIT Management’s Regulations on Transactions with Interested Parties. 7. A care service provider that operates a fee-based home for the aged is indicated. 8. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc. 9. As the trustee and the master lease company enter into a pass-through master lease agreement with no rent guarantee, total leased floor space, occupancy rate, total number of tenants, total lease income, and lease and guarantee deposits of the end-tenants subleased by the master lease company are indicated in the “Details of Tenant.” 10. The lease agreement with the end-tenant includes the rental agreement for the private nursing home. The outline of this rental agreement is as follows. Form of agreement : Ordinary building lease agreement for the purpose of operating a private nursing home Period : April 21, 2017 to July 20, 2047 Revision of rent : The rent will not be revised during the duration of the aforementioned lease agreement. However, the lessor and the lessee may discuss revision of the rent in the event of substantial fluctuations in taxes and public dues, changes in the rent of similar buildings in the surrounding area, or other factors relating to economic conditions. However, the rent will not be affected by revisions to or new passage of laws and ordinances, such as the Long-Term Care Insurance Act. Renewal of agreement: The term of lease agreement can be renewed for a period of 3 years up until 6 months before the expiration date of the current lease term, unless the lessor or lessee indicate that they will not renew the agreement. The terms of the rental agreement can be discussed at that point between the lessor and the lessee and can be renewed every subsequent 3 years in line with this example. Termination during the lease term: If the lessee or lessor wants to terminate the lease agreement during the lease term for his/her own reasons, the lessee or lessor must notify the opposite party in writing at least 12 months before the expiration date. In the event that the lessor terminates the agreement or the lessee requests termination during the lease term, the lessee will pay the lessor a settlement payment determined in a separate lease agreement. 11. The annualized amount is calculated by multiplying the total amount of monthly rent in each lease agreement with end-tenants (including common services fees; limited to rent for rooms that are occupied by tenants and excluding

fees for using warehouses, signboards, and parking lots; also not taking free rent, etc. into consideration and excluding consumption taxes) by 12 and rounding to the nearest million yen. 12. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

Status of Tenants and Overview of Facilities (Date of Statement of Material Matters: February 1, 2021) With nursing care (basic Facility type Opening date May 1, 2017 type) Tenant rights format Usage rights Number of rooms 84 Living space floor area 18.00 Capacity (persons) 84 (m2) Mixed type (excluding Number of tenants Tenancy requirements 79 independence) (persons) Average tenant age 87.6 Occupancy rate (%) 94 Method of payment of fees Lump-sum payment Monthly payment Occupancy lump- 4,200,000 to 8,400,000 － sum fee (yen) Monthly use fee 216,140 to 286,140 356,140 (yen) Personnel systems relating At least 2.5:1 Night time personnel Minimum 4 care staff to nursing care system Minimum 0 nursing staff (Minimum number of workers)

(B) Asset planned for transfer For information on the asset for transfer, please refer to the table on the Shinagawa Season Terrace property in “Chapter 1. Fund Information, Part 1. Fund status, 5. Status of operation, (2) Invested assets, (3) Other primary invested assets, I. Overview of Property, etc.” in the securities report submitted on November 24, 2020.

4. Overview of Operator ・Hulic Chofu Trade name Charm Care Corporation Co., Ltd. Location 19th floor, Daibiru-Honkan Building, 3-6-32 Nakanoshima, Kita-ku, Osaka Name and title of President, Representative Director Takahiko Shimomura representative Primary business lines Operation and other of fee-based homes for the elderly and homes for the elderly with services Business Overview Development and operation of assisted-living fee-based homes for the elderly under the brands “Charm,” “Charm Suite,” “Charm Premier;” and “Charm Premier Gran”; listed in the first section of the TSE Paid-in capital 2,759 million yen (as of December 31, 2020) Date of establishment August 22, 1984 Number of facilities operated 62 (as of December 31, 2020) (Note) Number of tenant rooms 4,191 (as of December 31, 2020) (Note) operated Net sales 19,619 million yen (as of June, 2020) (Note) Ordinary income 1,835 million yen (as of June, 2020) (Note) Relationship with Hulic Reit and Hulic REIT Management

There are no significant capital relationships among Hulic Reit, Hulic REIT Management, and Charm Care Corporation Co., Ltd. There are no significant capital relationships Capital relationship between the related persons or affiliates of Hulic Reit, Hulic REIT Management, and Charm Care Corporation Co., Ltd. There are no significant personnel relationships among Hulic Reit, Hulic REIT Management, and Charm Care Corporation Co., Ltd. There are no significant personnel Personnel relationship relationships between the related persons or affiliates of Hulic Reit, Hulic REIT Management, and Charm Care Corporation Co., Ltd. Transactional An end-tenant and operator of assets owned by Hulic Reit; executed a lease agreement relationship with the master lease company (Hulic Co., Ltd.). Charm Care Corporation Co., Ltd does not constitute a related party of Hulic Reit and Hulic REIT Management. In addition, parties or affiliates related to Charm Care Status as a related party Corporation Co., Ltd do not constitute related parties of Hulic Reit and Hulic REIT Management. Note: Charm Care Corporation’s number of facilities under management, number of rooms under management, sales, and ordinary income are the figures released by the company.

5. Overview of the counterparty of the acquisition and transfer (A) Assets planned for acquisition Trade name Hulic Co., Ltd. Location 7-3 Nihonbashi Odenmacho, Chuo-ku, Tokyo Name and title of President, Representative Director Manabu Yoshidome representative Primary business lines Holding, lease, purchase, and sale of real estate and brokerage services Paid-in capital 62,718 million yen (as of December 31, 2020) Date of establishment March 26, 1957 Net assets 489,043 million yen (as of December 31, 2020) Total assets 2,019,336 million yen (as of December 31, 2020) Major shareholders and Meiji Yasuda Life Insurance Company (7.07%), Sompo Japan Insurance Inc. (6.27%), shareholding ratios Tokyo Tatemono Co., Ltd. (6.21%), Fuyo General Lease Co.,Ltd. (6.04%) (as of December 31, 2020) Relationship with Hulic Reit and Hulic REIT Management As of today, Hulic Co., Ltd. holds approximately 10.95% of the total number of investment units issued by Hulic Reit. Hulic Co., Ltd. is the parent company (100% Capital relationship investment ratio) of Hulic REIT Management, and is therefore an Interested Person, etc. of Hulic REIT Management. As of today, certain employees of Hulic REIT Management are on secondment from Personnel relationship Hulic Co., Ltd. Hulic Reit acquired two properties (8,100 million yen) and transferred two properties Transactional (5,650 million yen) (including spin off) in the fiscal period ended February 28, 2021, and relationship transferred one property (1,945 million yen) (spin off) in the fiscal period ending August 31, 2021 from/to Hulic Co., Ltd. Hulic Co., Ltd. is a related party of Hulic Reit and Hulic REIT Management. Moreover, Status as a related party as described above, Hulic Co., Ltd. is an Interested Person, etc. of Hulic REIT Management.

(B) Asset planned for transfer This property will be transferred to a general business company in Japan, but further information cannot be disclosed as this company has not authorized the disclosure of its name and other information. As of this date, there are no capital relationships, personal relationships, or business relationships worthy of note between the seller and Hulic Reit and Hulic REIT Management, or the parties or affiliates related to Hulic Reit and Hulic REIT Management, and the seller is not a related party of Hulic Reit and Hulic REIT Management.

6. Status of the property acquirer Property acquisition from a person that has special interests is as follows. In the table below, (i) the company name/name, (ii) the relationship with the person that has special interests, and (iii) the background/reason for the acquisition are indicated. Property name Owner / Trust beneficiary prior to the Previous owner / Trust beneficiary Location previous owner / trust beneficiary (i), (ii), (iii) (i), (ii), (iii) Acquisition (transfer) price Acquisition (transfer) price Acquisition (transfer) date Acquisition (transfer) date Hulic Ueno Building (i) Hulic Co., Ltd. Those other than a person that has (3-16-5 and 3-15-1 Ueno, Taito- (ii) Parent company of Hulic REIT special interests ku, Tokyo) Management (iii) Acquired for development purposes Omitted as the current owner/trust beneficiary － has owned the property for over a year (Bank branch building) April 1986, March 1998 － (Parking lot) September, 1986 Hulic Chofu (i) Hulic Co., Ltd. Those other than a person that has (1-14-3 Kojimacho, Chofu-shi, (ii) Parent company of Hulic REIT special interests Tokyo) Management (iii) Acquired with the intention of investment Omitted as the current owner/trust beneficiary － has owned the property for over a year March 1998, March 2014 －

7. Future outlook For the operations forecast of Hulic Reit for the period ending August 2021 (March 1, 2021 to August 31, 2021) or the period ending February 2022 (September 1, 2021 to February 28, 2022) resulting from the acquisition and transfer of the property, please refer to “Notice concerning Revisions to the Forecasts of Financial Results, etc. for the Fiscal Period Ended February 28, 2021 and the Fiscal Period Ending August 31, 2021 and Announcement of Forecasts of Financial Results, etc. for the Fiscal Period Ending February 28, 2022” announced today.

8. Summary of Appraisal Report (A) Assets planned for acquisition ・Hulic Ueno Building Appraisal value 4,284 million yen (Note 1) (Note 2) Appraiser Japan Real Estate Institute Date of valuation February 1, 2021 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 4,760 method and appraisal value based on DCF method handled method (Note 3) equally Appraisal value based on direct 4,850 capitalization method (1) Operating revenue 237 Estimated based on evaluation of rent levels deemed stable in Potential gross income 243 the medium and long term Estimated based on evaluation of stable occupancy rate level Losses from vacancy, etc. 6 in the medium and long term (2) Operating expenses 57 Estimated taking into account the individual characteristics of Maintenance and management 20 the target real estate, in reference to past results, expense fee/PM fee (Note 4) levels for similar real estate, etc. Estimated based on past results, after giving consideration to Utility expenses 1 expense levels, etc. for similar real estate Estimated based on past results, and in consideration of future management and operation plans, expense levels for similar Repair expenses 3 real estate, and average annual repair and renewal expenses in engineering reports The figure noted here is the annual average amount estimated Tenant recruitment/solicitation 2 based on an evaluation of the assumed turnover period for expenses, etc. lessees. Estimated based on materials related to taxes and public dues Taxes and public dues 26 and burden adjustment measures, etc. Estimated based on the premium rate for similar real estate, Insurance premium 1 etc. Land rent and fees for exclusive use of roads are posted as Other expenses 3 other expenses. (3) Net operating income 180 (NOI: (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 2 deposits investment return Estimated taking into account capital expenditure levels for (5) Capital expenditures 7 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 175 (NCF: (3) + (4) - (5)) Estimated by adjusting the spread appropriate for the property to be examined reflecting site conditions, building conditions Cap rate 3.6% and other factors to the yield that is standard for the area, comprehensively taking into account future uncertainty and investment yields for similar real estate properties, etc. Appraisal value based on DCF 4,670 method Estimated based on the investment yield for similar real estate Discount rate 3.4% transactions, after taking into consideration the individuality of the target real estate

Estimated based on the investment yields of similar properties, after taking into comprehensive consideration factors including future trends in investment yields, risks Terminal cap rate 3.8% posed by the property in question as an investment, general forecasts on economic growth in the future, and trends in real estate prices and rents Appraisal value based on cost method 4,770 (Note 3) Ratio of land (Bank branch 93.0 % building) Ratio of building (Bank branch 7.0 % building)

Ratio of land (Parking lot) 88.9% Ratio of building (Parking lot) 11.1%

Other matters considered by appraiser in determination of None appraisal value Notes: 1. Appraisal value based on the income method that reflects the profitability and investment return of the Property is used. 2. An amount equals the quasi-co-ownership interest acquired by Hulic Reit (90.0%). 3. The appraisal value figures for the one building and its premises (single unit) have been rounded to the first decimal place for figures less than 1 million yen (of which, the portion understood as attributable to Hulic Reit is equivalent to 90.0% of quasi-co-ownership interest). Note that these figures are not the revenue and expenses forecast by Hulic Reit or Hulic REIT Management. 4. The maintenance and management fee and PM fee stated above are combined, because individual disclosure of the maintenance and management fee and PM fee amount levels may affect the other transactions of each contractor with respect to building management and PM services, which could pose an obstacle to efficient performance of services by Hulic Reit and could harm unitholder interests.

・Hulic Chofu Appraisal value 3,430 million yen (Note 1) Appraiser Japan Real Estate Institute Date of valuation February 1, 2021 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 3,430 method and appraisal value based on DCF method handled method (Note 2) equally Appraisal value based on direct 3,480 capitalization method (1) Operating revenue 185 Revenue for rented rooms, etc., based on the terms of the current lease agreement, and taking into account the terms of Potential gross income 188 the lease agreement and the tenants' ability to pay the rent, among other factors, is noted here. Estimated by comprehensively considering the content of the lease agreement, etc., the individual characteristics of the site Losses from vacancy, etc. 3 of the real estate in question, etc., and the lessee's attributes, etc. for each application. (2) Operating expenses 34 Estimated taking into account the individual characteristics of Maintenance and management 5 the target real estate, in reference to past results, expense fee/PM fee (Note 3) levels for similar real estate, etc. Estimated based on past results, after taking into account to Utility expenses 13 the occupancy rate for rental units, etc.

Estimated based on past results, and taking into account Repair expenses 1 expense levels for similar real estate, and average annual repair and renewal expenses in engineering reports. The figure noted here is the annual average amount estimated Tenant recruitment/solicitation 0 based on an evaluation of the assumed turnover period for expenses, etc. lessees. Estimated based on materials related to taxes and public dues Taxes and public dues 15 and burden adjustment measures, etc. Estimated based on the premium rate for similar real estate, Insurance premium 1 etc. Other expenses ― (3) Net operating income 151 (NOI: (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 1 deposits investment return Estimated taking into account capital expenditure levels for (5) Capital expenditures 3 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 150 (NCF: (3) + (4) - (5)) Estimated by using the yields for real estate deemed to have the lowest investment risk as the standard and adjusting the spread appropriate for the property to be examined reflecting Cap rate 4.3% site conditions, building conditions, use, conditions related to business feasibility, and other factors, as well as comprehensively taking into account future uncertainty and investment yields for similar real estate properties, etc. Appraisal value based on DCF 3,380 method Estimated based on the investment yield for similar real estate Discount rate 4.1% transactions, after taking into consideration the individuality of the target real estate Estimated based on the investment yields of similar properties, after taking into comprehensive consideration factors including future trends in investment yields, risks Terminal cap rate 4.5% posed by the property in question as an investment, general forecasts on economic growth in the future, and trends in real estate prices and rents Appraisal value based on cost method 3,240 (Note 2) Ratio of land 72.1% Ratio of building 27.9%

Other matters considered by appraiser in determination of None appraisal value Notes: 1. Appraisal value is based on income method that reflects the profitability and investment return of the Property. In addition to the unique characteristics of a home for the aged (inclusion of system correction risks and other business risks, difficulty of changing use based on the low level of general usability of the building and social needs, the reliance of rental income stability and continuity on the operator, and restrictions on market participants and the relative lack of fluidity), appraisal agencies appraise the real estate by taking into consideration the appropriateness of rent levels in light of the income and expenditures of the individual property, the operating capabilities of the lessee (operator), details of the lease agreement, and other factors. 2. Appraisal values are rounded to the nearest million yen and are not to be considered either the revenue and expenses forecast by Hulic Reit or Hulic REIT Management 3. The maintenance and management fee and PM fee stated above are combined, because individual disclosure of the maintenance and management fee and PM fee amount levels may affect the other transactions of each contractor with respect to building management and PM services, which could pose an obstacle to efficient performance of services by Hulic Reit and could harm unitholder interests.

(B) Assets planned for transfer ・Shinagawa Season Terrace Appraisal value 6,225 million yen (Note 1) (Note 2) Appraiser Japan Real Estate Institute Date of valuation August 31, 2020 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 24,900 method and appraisal value based on DCF method handled method (Note 3) equally Appraisal value based on direct 25,100 capitalization method (1) Operating revenue Undisclosed (Note 4) Potential gross income Undisclosed (Note 4) Losses from vacancy, etc. Undisclosed (Note 4) (2) Operating expenses Undisclosed (Note 4) Maintenance and management Undisclosed (Note 4) fee/PM fee Utility expenses Undisclosed (Note 4) Repair expenses Undisclosed (Note 4) Tenant recruitment/solicitation Undisclosed (Note 4) expenses, etc. Taxes and public dues Undisclosed (Note 4) Insurance premium Undisclosed (Note 4) Other expenses Undisclosed (Note 4) (3) Net operating income 871 (NOI: (1) - (2)) Investment yields on the security deposits and guarantees (4) Investment profit and loss 16 provided to the land leasehold setter are posted as investment from security deposits profit and loss after each is assessed. Estimated taking into account capital expenditure levels for (5) Capital expenditures 10 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 877 (NCF: (3) + (4) - (5)) Estimated by adjusting the spread appropriate for the individual characteristics of the target real estate to the yield that is standard for each area, as well as taking into Cap rate 3.5% consideration the investment yields based on J-REIT examples that have been released and investment yields of similar real estate, etc. Appraisal value based on DCF 24,600 method Estimated based on the investment yield for similar real estate Discount rate 3.2% transactions, after taking into consideration the individuality of the target real estate Estimated based on the investment yields of similar properties, after taking into comprehensive consideration Terminal cap rate 3.6% factors including general forecasts on economic growth in the future and trends in real estate prices and rents Appraisal value based on cost method 22,100 (Note 3) Ratio of leasehold interest 66.8% Ratio of building 33.2%

Other matters considered by appraiser in determination of None appraisal value Notes: 1. Appraisal value based on income method that reflects the profitability and investment return of the Property is used. 2. An amount equivalent to the quasi-co-ownership interest transfered by Hulic Reit (25.0%) . 3. The appraisal values for the unit ownership rights for the building and its site are rounded to the nearest million yen (of which the portion identified as attributable to Hulic Reit is equivalent to 25% of the quasi-co-ownership rights). These figures are not the revenue and expenses projected by Hulic Reit and Hulic REIT Management.The appraisal takes into account results figures for which approval to disclose could not be obtained from the end tenants and other relevant parties and disclosure of such information would harm the relationship of trust with end tenants and other relevant parties and may make long-term continuation of the lease agreement difficult, and therefore, the information is not disclosed. 4. This appraisal takes into account to the actual values whose disclosure was not authorized by the end-tenants and other relevant parties. This data is not disclosed as doing so could damage the trust established with the end- tenants and other relevant parties, making it difficult to maintain lease agreements, etc. over the long term.

9. Overview of Building Inspection Report Cost of urgent / short-term repairs Cost of long-term repairs Inspection Property Name Inspection company (Millions of yen) (Millions of yen) performed on (Note 1) (Note 2) Hulic Ueno Tokio Marine & Nichido (Bank branch building) 9 Building March 2021 － Risk Consulting Co., Ltd. (Parking lot) 0 (Note 3) Tokio Marine & Nichido Hulic Chofu March 2021 － 4 Risk Consulting Co., Ltd. Notes: 1. “Cost of urgent / short-term repair” includes the expense of updating and repair work and urgent repairs generally required within one year as shown on the Building Inspection Report. 2. “Cost of long-term repairs” includes the average annual amount rounded to the nearest million yen for the expense appearing on the Building Inspection Report as updating and repair work forecast over the next 12-year period. 3. The figures equivalent to quasi-co-ownership interest acquired by Hulic Reit are stated for “cost of urgent/short-term repairs” and “cost of long-term repairs.”

* Hulic Reit’s website: https://www.hulic-reit.co.jp/en/index.html

Attachments Reference Attachment 1 Map and Photo of the Property Reference Attachment 2 Portfolio List after Acquisition and Transfer of the Property

Reference Attachment 1 Map and Photo of the Property ・ Hulic Ueno Building

・ Hulic Chofu

Reference Attachment 2 Portfolio List after Acquisition and Transfer of the Property

(Anticipated) Investment (Anticipated) Acquisition price ratio Category Property name Location Acquisition date (%) (Millions of yen) (Note 3) (Note 1) (Note 2)

February 7, 2014 Hulic Kamiyacho Building Minato-ku, Tokyo 55,250 15.8% March 15, 2016 October 16, 2018 Hulic Kudan Building (Land) Chiyoda-ku, Tokyo 11,100 3.2% February 7, 2014 8,623 Toranomon First Garden Minato-ku, Tokyo 2.5% February 7, 2014 (Note 4) 6,210 February 7, 2014 Rapiros Roppongi Minato-ku, Tokyo 1.8% (Note 4) September 16, 2016 Hulic Takadanobaba Building Toshima-ku, Tokyo 3,900 1.1% February 7, 2014

Hulic Kanda Building Chiyoda-ku, Tokyo 3,780 1.1% February 7, 2014

Hulic Kandabashi Building Chiyoda-ku, Tokyo 2,500 0.7% February 7, 2014

Hulic Kakigaracho Building Chuo-ku, Tokyo 2,210 0.6% February 7, 2014 38,149 November 7, 2014 Ochanomizu Sola City Chiyoda-ku, Tokyo 10.9% (Note 4) October 4, 2016 Hulic Higashi Ueno 1 Chome October 16, 2014 Taito-ku, Tokyo 2,678 0.8% Building June 29, 2018 1,580

Tokyo Nishi Ikebukuro Building Toshima-ku, Tokyo 0.5% March 31, 2015

s (Note 4)

i t

r December 25, 2015 e Hulic Toranomon Building Minato-ku, Tokyo 18,310 5.2%

September 1, 2016

P t

r l

e Hulic Shibuya 1 Chome Building Shibuya-ku, Tokyo 5,100 1.5% March 31, 2017

r r

e p

Hulic Higashi Nihombashi Building Chuo-ku, Tokyo 3,480 1.0% March 31, 2017

C O Hulic Jimbocho Building Chiyoda-ku, Tokyo 1,460 0.4% April 28, 2017

okyo 21,080 March 29, 2018 T Hulic Ginza 7 Chome Building Chuo-ku, Tokyo 6.0% June 28, 2019 (Note 4) September 27, 2019 Shinagawa-ku, Hulic Gotanda Yamate-dori Building 3,450 1.0% October 1, 2018 Tokyo Bancho House Chiyoda-ku, Tokyo 2,750 0.8% November 1, 2018

Ebisu Minami Building Shibuya-ku, Tokyo 2,420 0.7% December 27, 2018

Hulic Iidabashi Building Chiyoda-ku, Tokyo 1,450 0.4% June 28, 2019 4,750 Hulic Asakusabashi Building Taito-ku, Tokyo 1.4% December 20, 2019 (Note 4) Hulic Ebisu Building Shibuya-ku, Tokyo 1,275 0.4% December 20, 2019 5,610 Hulic Ryogoku Building Sumida-ku, Tokyo 1.6% March 26, 2020 (Note 4) 5,420 Hulic Asakusabashi Edodori Taito-ku, Tokyo 1.5% March 26, 2020 (Note 4) 3,200 Hulic Nakano Building Nakano-ku, Tokyo 0.9% October 16, 2020 (Note 4) 4,100 Hulic Ueno Building Taito-ku, Tokyo 1.2% March 31, 2021 (Note 4)

Subtotal - 219,835 62.8% -

t r

a Shinagawa-ku,

t e

e Oimachi Redevelopment Building (#2) 9,456 2.7% February 7, 2014

p o

R Tokyo

r p

Shinagawa-ku, 6,166 Oimachi Redevelopment Building (#1) 1.8% February 7, 2014 Tokyo (Note 4) Dining Square Akihabara Building Chiyoda-ku, Tokyo 3,200 0.9% February 7, 2014

Hulic Jingu-mae Building Shibuya-ku, Tokyo 2,660 0.8% February 7, 2014 October 16, 2014 Hulic Shinjuku 3 Chome Building Shinjuku-ku, Tokyo 6,690 1.9% February 13, 2020 Yokohama-shi, Yokohama Yamashitacho Building 4,850 1.4% October 16, 2014 Kanagawa Hulic Todoroki Building Setagaya-ku, Tokyo 1,200 0.3% December 27, 2016 3,150 HULIC &New SHIBUYA Shibuya-ku, Tokyo 0.9% June 30, 2017 (Note 4) HULIC &New SHINBASHI Minato-ku, Tokyo 3,100 0.9% November 1, 2017

Hulic Shimura-sakaue Itabashi-ku, Tokyo 7,556 2.2% June 29, 2018

Hulic Mejiro Toshima-ku, Tokyo 5,670 1.6% March 26,2020

Subtotal - 53,698 15.3% -

Intermediate total - 273,533 78.2%

Aria Matsubara Setagaya-ku, Tokyo 3,244 0.9% February 7, 2014

Trust Garden Youganomori Setagaya-ku, Tokyo 5,390 1.5% February 7, 2014

Trust Garden Sakurashinmachi Setagaya-ku, Tokyo 2,850 0.8% February 7, 2014

e Trust Garden Suginami Miyamae Suginami-ku, Tokyo 2,760 0.8% February 7, 2014

o h

Trust Garden Tokiwamatsu Shibuya-ku, Tokyo 3,030 0.9% September 1, 2016

i s

r Kamakura-shi, nu

Sompo Care La vie Re Kita-kamakura 1,780 0.5% June 30, 2017

e Kanagawa

a v

ri Charm Suite Shinjukutoyama Shinjuku-ku, Tokyo 3,323 0.9% September 27, 2019 P

Charm Suite Shakujiikoen Nerima-ku, Tokyo 3,200 0.9% September 12, 2019

Hulic Chofu Chofu-shi, Tokyo 3,340 1.0% March 31, 2021

Subtotal - 28,917 8.3% -

Plus

e s

s Ikebukuro Network Center Toshima-ku, Tokyo 4,570 1.3% February 7, 2014

i Tabata Network Center Kita-ku, Tokyo 1,355 0.4% February 7, 2014

r e

n Hiroshima-shi, e Hiroshima Network Center 1,080 0.3% February 7, 2014

G Hiroshima

ex e

t Atsuta Network Center Nagoya-shi, Aichi 1,015 0.3% February 7, 2014

k Nagano Network Center Nagano-shi, Nagano 305 0.1% February 7, 2014

w t

e Chiba Network Center Inzai-shi, Chiba 7,060 2.0% December 16, 2014 N Sapporo-shi, Sapporo Network Center 2,510 0.7% December 16, 2014 Hokkaido Kizukawa-shi, Keihanna Network Center 1,250 0.4% October 16, 2014 Kyoto Subtotal - 19,145 5.5% - September 16, 2016 Sotetsu Fresa Inn Ginza 7 Chome Chuo-ku, Tokyo 11,520 3.3% November 1, 2017

5,000 Sotetsu Fresa Inn Tokyo-Roppongi Minato-ku, Tokyo 1.4% November 1, 2017 (Note 4)

Hotels Hulic Tsukiji 3 Chome Building Chuo-ku, Tokyo 6,972 2.0% March 26, 2020

Subtotal - 23,492 6.7% -

Hachioji-shi, 4,900 Hulic Hachioji Building 1.4% October 16, 2020 Tokyo (Note4)

Others Subtotal - 4,900 1.4% -

Intermediate total - 76,454 21.8%

Total of the portfolio - 349,987 100.0％ - Notes: 1. “(Anticipated) Acquisition price” is the purchase price noted in the purchase and sale agreement for each asset held and the Property (total value in the event that the acquisition takes place over multiple times), rounded to the nearest million yen. The acquisition price does not include consumption or local taxes or the costs and expenses related to the acquisition. 2. “Investment ratio” represents the percentage of the (anticipated) acquisition price for each asset held and the Property (total value in the event that the acquisition takes place over multiple times) to the total (anticipated) acquisition price, rounded to the first decimal place. 3. “(Anticipated) Acquisition date” is the anticipated date of acquisition stated in the relevant purchase and sale agreement for each asset held and the Property. 4. The figure is based on the ratio of sectional ownership interest or quasi-co-ownership interest owned by Hulic Reit in the properties.