Translation Purposes Only December 18, 2019 To All Concerned Parties

Name of REIT Issuer: Hulic Reit, Inc. 2-26-9 Hatchobori, Chuo-ku, , Japan Eiji Tokita, Executive Officer (TSE Code: 3295) Contact: Asset Management Company Hulic Reit Management Co., Ltd. Eiji Tokita, President and CEO Kazuaki Chokki, Executive Managing Director, CFO, General Manager of Planning and Administration Division Tel: +81-3-6222-7250 Notice concerning the Acquisition of Property

TOKYO, December 18, 2019 –Hulic Reit, Inc. (hereinafter referred to as “Hulic Reit”) hereby announces that Hulic Reit Management Co., Ltd. (hereinafter referred to as “Hulic Reit Management”), which is entrusted with the management of the assets of Hulic Reit, has today made the decision to acquire the properties (hereinafter referred to as the “Acquisition”) 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. (defined 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; hereinafter referred to as “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 (1) (2) (3) (4) (5) (6) (7) Category Property name Location Assets planned for Anticipated Seller Presence of acquisition acquisition price intermediary (Millions of yen) (Note 1) Tokyo Commercial Property Real estate trust Hulic Hulic Co., Office Taito-ku, Tokyo beneficiary rights 4,750 No Building Ltd. (Note 3) (Note 2) Hulic Ebisu Shibuya-ku, Real estate trust Hulic Co., Office 1,275 No Building Tokyo beneficiary rights Ltd. (Note 3) Total － － 6,025 － －

(8) Acquisition decision date : December 18, 2019 (9) Date of purchase and sale agreement : December 18, 2019 (10) Anticipated acquisition date (Note 4) : December 20, 2019 (11) Payment date (Note 4) : December 20, 2019 (12) Acquisition funds : Borrowings (Note 5) and cash on hand (13) Settlement method : Full payment upon delivery

1 Notes: 1. “Anticipated acquisition price” does not include consumption or local taxes or the costs and expenses related to the acquisition. 2. The quasi-co-ownership interest in trust beneficiary rights with the land lease right as a trust asset based on a fixed- term land subleasehold agreement for building and business use is 50%. 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 the dates stated in the relevant purchase and sale agreement. 5. For details, please refer to “Notice Concerning the Borrowing of Funds” announced today.

2. Reason 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 Asakusabashi Building

① Characteristics of the location This property is located on the corner of an area in which many commercial shops are concentrated and is a one-minute walk from Asakusabashi Station on the JR Sobu line. This station is the closest to the property, but other train lines can also be used, including Asakusabashi Station on the Line (a two- minute walk) and Bakurocho Station on the JR Sobu Main Line (a six-minute walk), and Tokyo station can be reached in about seven minutes from Asakusabashi Station using the JR lines. As such, the location has excellent proximity to the city center via train. The Asakusabashi area is next to Chiyoda ward, which includes the neighborhood, as well as the Chuo ward, making this location a natural beneficiary of spillover demand for offices in both of these areas. Accordingly, we can expect a certain amount of demand as a business and commercial area. ② Characteristics of the property This property, completed in February 2013, is a multi-use building consisting primarily of offices. There are two below-ground floors and twelve floors above ground. The first floor consists of stores such as a convenience store, the second floor has a large multi-purpose hall, HULIC HALL, the third floor is conference rooms, HULIC CONFERENCE, and the fourth floor and above consist of offices. This property was developed as a public-private partnership (PPP) project in which Hulic Co., Ltd., Hulic Reit’s sponsor, rented the site of the former Fukui junior high school, owned by Taito ward, with a fifty-year lease, and built and operated facilities proposed by the private sector, including facilities designated by the ward (parking lots, multi-purpose spaces, and others). The building is medium-sized with a floor area of appoximately 19,179 ㎡ (approximately 5,800 tsubo). The building is in line with standard specifications demanded by recent tenants, with ceilings that are 2,800 mm high, 100 mm OA floors, an individual air-conditioning system, and floor weight capacity of 500 kg/㎡. There are many buildings in this zone that are older and have floor areas of around 1,000 tsubo, which makes this property stand out for its more recent construction and larger size. The rental units are uniform with a standard area of each floor at appoximately 1,103 ㎡ (approximately 334 tsubo) and are designed without pillars, giving the building a relatively efficient layout. The building is also consistent with tenants’ BCP as a damping structure has been adopted to ensure that the building can still function as offices in the event of a disaster. A wide range of environment-friendly technology

2 has been adopted, including a natural ventilation system and LED lighting in the office areas, the installation of solar power generators on the roof, light-shielding louvers at the openings along the external walls, and improved heat insulation in the external walls. This earned the building a five-star rating in the DBJ Green Building Certification as one of Japan’s best buildings in terms of environmental and social awareness.

・Hulic Ebisu Building

① Characteristics of the location This property is a six-minute walk from Ebisu Station on the JR Yamanote line and other train lines, and is located on a corner along Meiji Dori, lined with small- and medium-sized office buildings. Ebisu Station includes four train lines—the JR Yamanote Line, the JR Saikyo Line, the JR Shonan Shinjuku Line, and the Tokyo Metro Hibiya Line—which gives this location impressive transportation access. The Ebisu area in which this property is located is next to Shibuya, where IT companies are concentrated, Hiro-o, which is well known for its exclusive residential neighborhoods, and Daikanyama-cho, where luxury homes and apparel shops are located. This proximity suggests that this area will attract demand from a wide range of companies, primarily IT companies but also foreign-capital companies that prioritize the area’s image and a stable working environment. Demand in this area has been relatively solid due to the excellent image of this site and its convenient access to transportation access. ② Characteristics of the property This property is a seven-floor office building with shops, completed in February 1992. It is a small building with a floor area of appoximately 1,155 ㎡ (approximately 350 tsubo) and a standard area per floor of appoximately 159 ㎡ (approximately 48 tsubo). This is the most popular size for this zone, which has many small- and medium-sized buildings. The first floor has a shop and the second floor and above consists of offices. The rental units are uniform and the layout is also relatively efficient. The specifications are in line with general standards in this zone, with ceilings that are about 2,600 mm high, 70 mm OA floors, and an individual air-conditioning system.

3 3. Overview of the Properties ・Hulic Asakusabashi Building (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 4,750 million yen Trustee Mizuho Trust & Banking Co., Ltd. Date trust initiated December 20, 2019 Expiration date of trust period December 31, 2029 Nearest station One-minute walk from Asakusabashi Station on JR Sobu Line Address (domicile) 1-22-16 Asakusabashi, Taito-ku, Tokyo Lot number 1-24-3 Asakusabashi, Taito-ku, Tokyo, and others Building-to-land ratio 100% (Note 2) Floor-area ratio 577.23% (Note 3) Land Zoning Commercial area Site area 2,912.30 m2 (Note 4) Leasehold interest (fixed term land lease right for business purpose prescribed Type of ownership in Article 23, Paragraph 1 of the Act on Land and Building Leases) (quasi-co- ownership interest of 50.0%) Completed February 2013 Structure S/SRC Number of floors 12F/B2 Use Offices, assembly hall, stores, parking lot, bicycle parking Building Total floor space 19,179.43 m2 (Note 5) Number of parking 53 spaces Type of ownership Proprietary ownership (quasi-co-ownership interest of 50.0%) Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 6) Master lease company Hulic Co., Ltd. (anticipated) (Note 6) Appraisal value 4,970 million yen (Note 7) (Date of valuation) (November 1, 2019) Appraisal company The Tanizawa Sōgō Appraisal Co., Ltd. PML 2.94% (Note 8) Details of Tenant (Note 9) Total leased floor space 5,280.72m2 (Note 10) Total leasable floor space 5,280.72m2 (Note 10) Occupancy rate 100% Main tenant Not disclosed (Note 11) Total number of tenants 11 Total lease income (annualized) 354 million yen (Note 10) (Note 12) Lease and guarantee deposits 193 million yen (Note 10) (Note 13) ・Preferential negotiation rights for purchase of mutual quasi-co-ownership interests are granted to quasi-co-owners. ・A fixed term land lease right (Article 22 of the Act on Land and Building Leases) for Hulic Co. Ltd. from Tokyo Taito Ward, that is the owner, has been Special remarks established on the property’s land, and a fixed term land lease right for business purpose (Article 23, Paragraph 1 of the Act on Land and Building Leases) has been established for trustee Mizuho Trust and Banking Corporation from Hulic Co., Ltd. Therefore, the trustee has an obligation to return the land as a vacant lot on the expiration date of the land lease right duration (December 31, 2064). Notes: 1 Details are as of the anticipated acquisition date, confirmed as of December 18, 2019. 2 The designated building-to-land ratio of the land of the property is 80%; however, since the building is a fire-resistant

4 building within a fire prevention area, the applied building-to-land ratio is 100%. 3 The designated floor-area ratio of the land of the property is 500%; however, the floor-area ratio has been eased to 577.23% because permission has been received under the special treatment section in Article 59-2, Paragraph 1 of the Building Standards Act. 4 Based on the entry in the property registry. The actual status may differ in some cases. Moreover, the site area of the entire building is listed. 5 Based on the entry in the property registry. Moreover, the total floor space of the entire building is listed. 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 The price equivalent to quasi-co-ownership interest acquired by Hulic Reit is stated. 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 figures equivalent to quasi-co-ownership interest acquired by Hulic Reit are stated. 11 Not disclosed because approval for disclosure is not acquired from the tenant. 12 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. 13 Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

・Hulic Ebisu Building (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 1,275 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Date trust initiated December 20, 2019 Expiration date of trust period December 31, 2029 Nearest station Six-minute walk from Ebisu Station on JR Line and other lines Address (domicile) 3-15-7 Higashi, Shibuya-ku, Tokyo Lot number 3-23-2 Higashi, Shibuya-ku, Tokyo, and others Building-to-land ratio 100% (Note 2) Floor-area ratio 500% Land Zoning Commercial area Site area 234.23 m2 (Note 3) Type of ownership Proprietary ownership Completed February 1992 Structure SRC Number of floors 7F Use Offices, stores Building Total floor space 1,154.66 m2 (Note 4) Number of parking None spaces Type of ownership Proprietary ownership Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 5) Master lease company Hulic Co., Ltd. (anticipated) (Note 5) Appraisal value 1,340 million yen (Date of valuation) (November 1, 2019) Appraisal company CBRE K.K PML 7.46% (Note 6)

5 Details of Tenant (Note 7) Total leased floor space 1,059.22 m2 Total leasable floor space 1,059.22 m2 Occupancy rate 100% Main tenant Not disclosed (Note 8) Total number of tenants 7 Total lease income (annualized) 71 million yen (Note 9) Lease and guarantee deposits 54 million yen (Note 10) Special remarks None Notes: 1 Details are as of the anticipated acquisition date, confirmed as of December 18, 2019. 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 Based on the entry in the property registry. The actual status may differ in some cases. 4 Based on the entry in the property registry. 5 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. 6 The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc. 7 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.” 8 Not disclosed because approval for disclosure is not acquired from the tenants. 9 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. 10 Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

4. Overview of the counterparty of the 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 September 30, 2019) Date of establishment March 26, 1957 Net assets 434,585 million yen (as of September, 30 2019) Total assets 1,791,868 million yen (as of September, 30 2019) Major shareholders and Meiji Yasuda Life Insurance Company (7.19%), Sompo Japan Nipponkoa Insurance Inc. shareholding ratios (6.68%), Tokyo Tatemono Co., Ltd. (6.32%) (as of June 30, 2019) Relationship with Hulic Reit and Hulic Reit Management As of today, Hulic Co., Ltd. holds approximately 10.96% 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 Hulic Personnel relationship Co., Ltd. Hulic Reit acquired two properties (7,050 million yen) (including additional acquisitions) Transactional in the fiscal period ended August 31, 2019 and acquired three properties (11,003 million relationship yen) (including additional acquisitions) in the fiscal period ending February 29, 2020, from Hulic Co., Ltd. Hulic Co., Ltd. is a related party of Hulic Reit and Hulic Reit Management. Moreover, as Status as a related party described above, Hulic Co., Ltd. is an Interested Person, etc. of Hulic Reit Management.

6 5. 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 Asakusabashi Building (i) Hulic Co., Ltd. Those other than a person that has (1-22-16 Asakusabashi, Taito- (ii) Parent company of Hulic Reit Management special interests ku, Tokyo) (iii) Acquired for development purposes

Omitted as the current owner/trust beneficiary － has owned the property for over a year February 2013 － Hulic Ebisu Building (i) Hulic Co., Ltd. Those other than a person that has (3-15-7 Higashi, Shibuya-ku, (ii) Parent company of Hulic Reit Management special interests Tokyo) (iii) Acquired with the intention of investment Omitted as the current owner/trust beneficiary － has owned the property for over a year December 2000 －

7 6. Future outlook The acquisition of the Property will not have a material impact on the outlook for the financial results for the fiscal period ending February 29, 2020 (September 1, 2019 to February 29, 2020) and the fiscal period ending August 31, 2020 (March 1, 2020 to August 31, 2020), so there will be no change to the forecasts of financial results.

8 7. Summary of Appraisal Report ・Hulic Asakusabashi Building Appraisal value 4,970 million yen (Note 1) (Note 2) Appraiser The Tanizawa Sōgō Appraisal Co., Ltd. Date of valuation November 1, 2019 (Millions of yen) Item Breakdown Remarks Estimated using the appraisal value based on DCF method as Appraisal value based on income 4,970 a standard while also verifying the appraisal value based on method (Note 2) direct capitalization method. Appraisal value based on direct Based on the capitalization method over a definite term 9,780 capitalization method (Note 3) (modified Inwood method) (Note 4) (1) Operating revenue 976 Estimated based on evaluation of rent income that can be Potential gross income 1,010 gained on a recurring basis Estimated based on projections for occurrence of vacancy and Losses from vacancy, etc. 35 turnover period, etc. (2) Operating expenses 396 Maintenance and management 94 Estimated based on income and expenditure results, etc. fee/PM fee (Note 5) Utility expenses 30 Estimated based on income and expenditure results, etc. Repair expenses 21 Estimated based on engineering reports, similar cases, etc. Tenant recruitment/solicitation Recorded based on evaluation of the standard replacement 6 expenses, etc. cycle Taxes and public dues 52 Estimated based on the latest results Insurance premium 3 Recorded based on P&L results, similar cases, etc. Other expenses 190 Land rent, etc. recorded based on P&L results (3) Net operating income (NOI: 580 (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and -3 deposits investment return Estimated based on engineering reports and figures for (5) Capital expenditures 56 similar properties Net cash flow (NCF: (3) + (4) - 521 (5)) Estimated based on a summation method based on the yield for financial instruments to find the base yield for office Discount rate 4.9% buildings while reflecting the individual risks for the target yield estate in that base yield and comparing transaction examples Appraisal value based on DCF 10,000 method (Note 3) Estimated based on a summation method based on the yield for financial instruments to find the base yield for office Discount rate 4.9% buildings while reflecting the individual risks for the target yield estate in that base yield and comparing transaction examples Appraisal value based on cost method 4,590 (Note 2) Ratio of land 10.0% Ratio of building 90.0%

Other matters considered by appraiser in determination of None appraisal value

9 Notes: 1. Appraisal value based on the income method that reflects the profitability and investment return of the Property is used. 2. An amount equivalent to the quasi-co-ownership interest acquired by Hulic Reit (50.0%) is indicated. 3. The appraisal value figures for the building with a land sublease right (single unit) have been rounded to the first decimal place for figures of less than one million yen (of which, the portion understood as attributable to Hulic Reit is equivalent to 50.0% 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 appraisal value based on direct capitalization method is based on the capitalization method over a definite term (modified Inwood method) in consideration that the land lease right to be acquired is a fixed-term land sublease right for business use. 5. 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 service performances by Hulic Reit and could harm unitholder interests.

10 ・Hulic Ebisu Building Appraisal value 1,340 million yen (Note 1) Appraiser CBRE K.K Date of valuation November 1, 2019 (Millions of yen) Item Breakdown Remarks Appraisal value based on income Estimated with a focus on income price through the DCF 1,340 method (Note 2) method that appropriately reflects net cash flow fluctuations Appraisal value based on direct 1,390 capitalization method (1) Operating revenue 77 Estimated based on evaluation of rent income that can be Potential gross income 81 gained on a recurring basis Estimated with reference to market vacancy rate and vacancy Losses from vacancy, etc. 4 rate trends and the vacancy rate for a normal state based on tenant replacement assumptions (2) Operating expenses 17 Maintenance and management Estimated based on expense levels and recent results for 6 fee / PM fee (Note 3) similar real estate Estimated based on expense levels and recent results for Utility expenses 4 similar real estate Repair expenses 0 Engineering reports values were deemed as valid and adopted Tenant recruitment/solicitation 1 Recorded based on turnover rate estimate expenses, etc. Taxes and public dues 5 Estimated based on recent results Insurance premium 0 Estimated based on expense levels, etc. for similar real estate Other expenses 1 Estimated based on past performance, etc. (3) Net operating income (NOI: 60 (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 1 deposits investment return (5) Capital expenditures 7 Engineering reports values were deemed as valid and adopted Net cash flow (NCF: (3) + (4) - 53 (5)) Estimated in overall consideration of investor surveys, investment yields, and the results of interviews with market Cap rate 3.8% experts while also taking into consideration the location, the age of the building, etc. of the real estate. Appraisal value based on DCF 1,340 method Estimated in consideration of the nature and feasibility of revenue assessed for each period while also considering Discount rate 3.6％ uncertainties in future projections not fully considered in this outlook Estimated in consideration of property attributes and future Terminal cap rate 3.9% projection risks based on the cap rate Appraisal value based on cost method 908 (Note 2) Ratio of land 92.7% Ratio of building 7.3%

Other matters considered by appraiser in determination of None appraisal value

11 Notes: 1 Appraisal value based on income method that reflects the profitability and investment return of the Property is used. 2 The appraisal value figures have been rounded to the first decimal place for figures less than 1 million yen. Note that these figures are not 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.

8. 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) Hulic Asakusabashi Tokio Marine & Nichido December 2019 - 39 Building Risk Consulting Co., Ltd. (Note 2) (Note 3) Hulic Ebisu Tokyo Bldg-Tech Center Building December 2019 - 7 Co., Ltd. (Note 4) 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 45-year period. 3. The figures equivalent to quasi-co-ownership interest in trust beneficiary rights acquired by Hulic Reit are stated for “cost of urgent/short-term repairs” and “cost of long-term repairs.” 4. “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.

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

12 Attachments Reference Attachment 1 Map and Photo of the Property Reference Attachment 2 Portfolio List after Acquiring the Property

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

14 ・Hulic Ebisu Building

15 Reference Attachment 2 Portfolio List after Acquiring the Property (Anticipated) Investment Acquisition (Anticipated) ratio Category Property name Location price Acquisition date (%) (Note 3) (Millions of (Note 2) yen) (Note 1) February 7, 2014 Minato-ku, Hulic Kamiyacho Building 55,250 16.7% March 15, 2016 Tokyo October 16, 2018 Chiyoda-ku, Hulic Kudan Building (Land) 11,100 3.4% February 7, 2014 Tokyo Minato-ku, 8,623 Toranomon First Garden 2.6% February 7, 2014 Tokyo (Note 4) Minato-ku, 6,210 February 7, 2014 Rapiros Roppongi 1.9% Tokyo (Note 4) September 16, 2016 Toshima-ku, Hulic Takadanobaba Building 3,900 1.2% February 7, 2014 Tokyo Chiyoda-ku, Hulic Kanda Building 3,780 1.1% February 7, 2014 Tokyo Chiyoda-ku, Hulic Kandabashi Building 2,500 0.8% February 7, 2014 Tokyo Chuo-ku, Hulic Kakigaracho Building 2,210 0.7% February 7, 2014 Tokyo Chiyoda-ku, 38,149 November 7, 2014 Ochanomizu Sola City 11.5% Tokyo (Note 4) October 4, 2016 Hulic Higashi Ueno 1 Chome Taito-ku, October 16, 2014 2,678 0.8% Building Tokyo June 29, 2018 s e i

t Toshima-ku, 1,580 r Tokyo Nishi Ikebukuro Building 0.5% March 31, 2015 e Tokyo (Note 4) p s o r e

i Shinagawa-ku, 4,370 P t

r Gate City Ohsaki 1.3% April 16, 2015 l e Tokyo (Note 4) a p i c o r r Minato-ku, December 25, 2015 e p Hulic Toranomon Building 18,310 5.5%

m Tokyo September 1, 2016 e c m i

f Shibuya-ku, o f Hulic Shibuya 1 Chome Building 5,100 1.5% March 31, 2017 C O Tokyo o

y Chuo-ku, k Hulic Higashi Nihonbashi Building 3,480 1.1% March 31, 2017 o

T Tokyo Chiyoda-ku, Hulic Jimbocho Building 1,460 0.4% April 28, 2017 Tokyo March 29, 2018 Chuo-ku, 21,080 Hulic Ginza 7 Chome Building 6.4% June 28, 2019 Tokyo (Note 4) September 27, 2019 Minato-ku, 6,100 Shinagawa Season Terrace 1.8% September 10, 2018 Tokyo (Note 4) Hulic Gotanda Yamate-dori Building Shinagawa-ku, 3,450 1.0% October 1,2018 (Note 5) Tokyo Hulic Nihonbashi Honcho 1 Chome Chuo-ku, 3,980 1.2% November 1, 2018 Building Tokyo (Note 4) Chiyoda-ku, Bancho House 2,750 0.8% November 1, 2018 Tokyo Shibuya-ku, Ebisu Minami Building 2,420 0.7% December 27, 2018 Tokyo Chiyoda-ku, Hulic Iidabashi Building 1,450 0.4% June 28, 2019 Tokyo Taito-ku, 4,750 Hulic Asakusabashi Building 1.4% December 20, 2019 Tokyo (Note 4) Shibuya-ku, Hulic Ebisu Building 1,275 0.4% December 20, 2019 Tokyo

16 Subtotal - 215,955 65.2% -

Oimachi Redevelopment Building (#2) Shinagawa-ku, 9,456 2.9% February 7, 2014 Tokyo

Shinagawa-ku, 6,166 Oimachi Redevelopment Building (#1) 1.9% February 7, 2014 Tokyo (Note 4) Chiyoda-ku, Dining Square Akihabara Building 3,200 1.0% February 7, 2014 Tokyo Shibuya-ku, Hulic Jingumae Building 2,660 0.8% February 7, 2014 Tokyo Shinjuku-ku,

s Hulic Shinjuku 3 Chome Building 5,550 1.7% October 16, 2014

e Tokyo i t r

e Yokohama-shi,

p Yokohama Yamashitacho Building 4,850 1.5% October 16, 2014

o Kanagawa r p

l Chiyoda-ku, i Orchid Square 3,502 1.1% March 30, 2016 a

t Tokyo e

R Setagaya-ku, Hulic Todoroki Building 1,200 0.4% December 27, 2016 Tokyo Shinagawa-ku, Hulic Omori Building 3,420 1.0% March 31, 2017 Tokyo Shibuya-ku, 3,150 HULIC &New SHIBUYA 1.0% June 30, 2017 Tokyo (Note 4) Minato-ku, HULIC &New SHINBASHI 3,100 0.9% November 1, 2017 Tokyo Itabashi-ku, Hulic Shimura-sakaue 7,556 2.3% June 29, 2018 Tokyo Subtotal - 53,810 16.3% - Intermediate total - 269,765 81.5% -

Setagaya-ku, Aria Matsubara 3,244 1.0% February 7, 2014 Tokyo Setagaya-ku, Trust Garden Youganomori 5,390 1.6% February 7, 2014 Tokyo Setagaya-ku,

s Trust Garden Sakurashinmachi 2,850 0.9% February 7, 2014

e Tokyo m

o Suginami-ku,

h Trust Garden Suginami Miyamae 2,760 0.8% February 7, 2014

g Tokyo s n i u s

l Shibuya-ku, r

P Trust Garden Tokiwamatsu 3,030 0.9% September 1, 2016 u Tokyo s n t e e t s Kamakura-shi, a s Sompo Care La vie Re Kita-kamakura 1,780 0.5% June 30, 2017 v A i Kanagawa r n P

o Shinjuku-ku, i t Charm Suite Shinjukutoyama 3,323 1.0% September 27, 2019 a Tokyo r e n Nerima-ku, e Charm Suite Shakujiikoen 3,200 1.0% September 12, 2019

G Tokyo - t x e Subtotal - 25,577 7.7% - N Toshima-ku, Ikebukuro Network Center 4,570 1.4% February 7, 2014 s

r Tokyo e t

n Kita-ku, e Tabata Network Center 1,355 0.4% February 7, 2014 c Tokyo k r

o Hiroshima-shi, Hiroshima Network Center 1,080 0.3% February 7, 2014 w

t Hiroshima e

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

17 Nagano-shi, Nagano Network Center 305 0.1% February 7, 2014 Nagano Inzai-shi, Chiba Network Center 7,060 2.1% December 16, 2014 Chiba Sapporo-shi, Sapporo Network Center 2,510 0.8% December 16, 2014 Hokkaido Kizukawa-shi, Keihanna Network Center 1,250 0.4% October 16, 2014 Kyoto Subtotal - 19,145 5.8% - Chuo-ku, September 16, 2016 Sotetsu Fresa Inn Ginza 7 Chome 11,520 3.5% Tokyo November 1, 2017 s l e

t Minato-ku, 5,000

o Sotetsu Fresa Inn Tokyo-Roppongi 1.5% November 1, 2017 Tokyo (Note 4) H Subtotal - 16,520 5.0% - Intermediate total - 61,242 18.5% -

Total of the portfolio - 331,007 100.0％ - 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.

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