Notice Concerning the Acquisition and Leasing of Property

Translation Purposes Only March 24, 2020 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. Eiji Tokita, President and CEO Person to Contact: Kazuaki Chokki, Executive Managing Director, CFO, Head of Planning and Administration Division Tel: +81-3-6222-7250

Notice concerning the Acquisition and Leasing of Property

TOKYO, March 24, 2020 – 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 (hereinafter referred to as the “Acquisition”) and lease the properties listed below (hereinafter individually or collectively referred to as the “Property”). Since the counterparty to the acquisition and lease 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 scheduled to Anticipated Seller Presence of be acquired acquisition price intermediary (Millions of yen) (Note 1) Tokyo Commercial Property Real estate trust Hulic Ryogoku Sumida-ku, Hulic Co., Office beneficiary rights 5,610 No Building Tokyo Ltd. (Note 3) (Note 2) Real estate trust Hulic Asakusabashi Taito-ku, Hulic Co., Office beneficiary rights 5,420 No Edo-dori Tokyo Ltd. (Note 3) (Note 2) Retail Toshima-ku, Real estate trust Hulic Co., Hulic Mejiro 5,670 No property Tokyo beneficiary rights Ltd. (Note 3) Next-Generation Assets Plus Hulic Tsukiji 3 Chuo-ku, Real estate trust Hulic Co., Hotel 6,972 No Chome Building Tokyo beneficiary rights Ltd. (Note 3) Total －－ 23,672 －－

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

(8) Acquisition decision date : March 24, 2020 (9) Date of purchase and sale agreement : March 24, 2020 (10) Anticipated acquisition date (Note 4) : March 26, 2020 (11) Payment date (Note 4) : March 26, 2020 (12) Acquisition funds : Cash on hand and borrowings (Note 5) (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. Quasi-co-ownership interest in trust beneficiary rights with the single building and its entire premises as the trust assets comprise 90.0%. 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 Borrowings of Funds” announced today.

2. Reason for acquisition and leasing

(1) 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 Ryogoku Building

1) Characteristics of the location This property is located on the corner of an area along a national road lined with mid- to high-rise office buildings which include retail stores. The nearest station is the Ryogoku Station on the Toei Subway Oedo Line, which is a two-minute walk from the property, and Ryogoku Station on the JR Sobu Main Line is a five-minute walk from the property, giving access to several lines. In addition, the property faces Keiyo Road and Kiyosumi Dori, which have a relatively high concentration of businesses in this area, giving this site excellent access from all directions by car. Access to the city center is very good, with access to Tokyo Station in about 14 minutes from Ryogoku Station on the JR Line. As such, the location is very convenient from a transportation perspective. 2) Characteristics of the property This property is an office building that the sponsor developed as part of a construction project in January 2010. The building has nine floors above ground and one basement floor, with the first to third floors occupied by a bank and the fourth to ninth floors occupied by offices. The floor area is approximately 7,327m2 (approximately 2,217 tsubo) and the standard floor area for the office floors is about 556m2 (approximately 168 tsubo), which should earn this building recognition for its competitive advantages in this zone, which has many buildings with floor areas of less than 1,000 tsubo. In addition, the property has a pillar-free design so that tenants can divide offices into areas of approximately 70-80 tsubo, making for a highly efficient layout that can be adapted to a wide range of tenant needs. The basic specifications meet the standards recently demanded by tenants, including ceilings reaching approximately 2,800mm in height, a 100mm sub-floor cavity for OA connections, individual air conditioning systems, and a floor load of 500kg/ m2. In addition, the building includes eco-friendly functions, such as a design that focuses on reusing rainwater.

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

For example, rainwater supplies some of the water for toilet flushing and planted areas. In addition, the building has a green rooftop and uses energy-efficient lighting that makes adjustments based on daylight sensor intensity. Such features make this a building with an environmental-friendly design.

・Hulic Asakusabashi Edo-dori 1) Characteristics of the location This property is located on the corner of an area along Edo Dori lined with mid- to high-rise office buildings which include retail stores. The nearest station is Asakusabashi Station on the Toei Subway Asakusa Line, a one-minute walk from the property. In addition to this station, other stations can also be used, including Asakusabashi Station on the JR Sobu Main Line, which is a one-minute walk, and Bakurocho Station on the JR Sobu Kaisoku Line, which is a five-minute walk from the property. Access to the city center is very good, with access to Tokyo Station in about 12 minutes from Asakusabashi Station on the JR Line. As such, the location is very convenient for transportation. The Asakusabashi area in which this property is located is adjacent to the Chiyoda ward, which includes the neighboring Akihabara, and the Chuo ward, which means that this site complements demand for offices in both of these areas. This property is expected to attract significant demand both as a commercial and business district.

2) Characteristics of the property This property is a multi-purpose building consisting primarily of offices that the sponsor developed as part of a construction project in September 2015. The building has twelve floors above ground and one basement floor, with the first to fifth floors leased to a bank and clinic and the sixth to twelfth floors rented as residences. The floor area is appproximately 6,698m2 (appproximately 2,026 tsubo) and the standard floor area for the office floors is appproximately 498m2 (appproximately 151 tsubo). This size puts the building in the volume zone in this area, which has many buildings with floor areas of appproximately 1,000 tsubo. This should give the property appeal among those looking for larger spaces. In addition, the pillar-free design makes for an efficient layout for tenants. The rental housing area is leased en bloc to Cosmos Initia Co., Ltd. Moreover, to ensure that the offices can continue to function during disasters, an emergency generator has been installed on the roof and the building is designed so that emergency power can be supplied to the common areas and electric wiring spaces on each floor for about 72 consecutive hours. The building has functions that balance compliance with the tenants’ business continuity plans (BCPs) as well as with the residents’ safety and peace of mind.

・Hulic Mejiro

1) Characteristics of the location This property is located at a two-minute walk from Mejiro Station on the JR Yamanote Line, on the corner of a commercial area facing the train station along Mejiro Dori lined with mid- to high-rise office buildings and mid- to high-rise retail stores. This location offers both visibility and excellent access to the city center. The surrounding area, which encompasses a quiet high-end residential neighborhood and several universities, has a livable feel to it. Demand for residencies in the area surrounding Mejiro Station is strong because of its excellent access to the city center for a residential area and the popularity of the Yamanote Line as a train line that many people considers desirable to live close to. In addition, the number of people using Mejiro Station is expected to remain stable going forward. This makes for a promising area in which demand for stores selling daily necessities, restaurants, service stores and offices visited by clients is expected to be stable.

2) Characteristics of the property

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

This property is a multipurpose building built by the sponsor as part of a construction project in October 2018 and consists of commercial facilities, offices and residences. The building has eight floors above ground and one basement floor, with the commercial facilities and offices occupying the lower floors (basement to fifth floors) and rental housing on the upper floors (sixth to eighth floors). The lower floors are set up so that they can be adapted to both office and commercial purposes, and the design can meet a wide range of tenant needs. In addition to a drug store, which includes a pharmacy, space is leased to a restaurant, clinic and cram school. In addition, the rental residential area is leased en bloc to Mitsubishi Real Estate Services Co., Ltd. Moreover, the building is designed so that it can continue to function in the event of a disaster, with emergency power supplied to common areas. Solar power facilities are installed on the roof and on the upper floors, the residences are designed to be eco-friendly with natural ventilation and the use of solar energy.

・Hulic Tsukiji 3 Chome Building

1) Characteristics of the location This property is located on the corner of an area in which low-rise stores mingle with high-rise shared housing and hotels along a major road. The nearest train station is a one-minute walk from Tsukiji Station on the Tokyo Metro Hibiya Line and Shintomicho Station on the Tokyo Metro Yurakucho Line, providing this property convenient access to areas all around the city. The Tsukiji Outer Market and the Ginza area, which are popular with tourists, are within walking distance. These factors give the property excellent convenience. In addition, the Tokyo Metropolitan Government is planning to develop the site of the former Tsukiji Market to bring new energy to the area and continue to attract new customers, for example by building a new international convention center. 2) Characteristics of the property This property is a hotel specializing in lodging that was completed in November 2018. It is operated as a Ginza Capital Hotel brand hotel by HATO BUS CO., LTD. The floor area is approximately 4,483m2 (approximately 1,356 tsubo) and there are eleven above-ground floors. The first floor is the hotel entrance and also houses a restaurant. The second floor consists of a front desk and guest rooms, and the third to eleventh floors also consist of guest rooms (total of 136 rooms). The guest rooms are primarily twin rooms. This hotel has a wide range of guest rooms that can accommodate two to seven guests, including connected rooms that enable guests to use double-entry doors to connect two separate rooms (a total of 50 rooms for 25 connections).

(2) Reason for leasing Hulic Reit has judged that the lessee of the property complies with its tenant selection criteria as listed in the “Report on Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties” submitted on November 22, 2019.

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

3. Overview of the Properties ・Hulic Ryogoku Building (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 5,610 million yen Trustee Mizuho Trust & Banking Co., Ltd. Date trust initiated March 26, 2020 Expiration date of trust period March 31, 2030 Nearest station Two-minute walk from Ryogoku Station on Toei Subway Oedo Line Address (domicile) 4-31-11 Ryogoku, Sumida-ku, Tokyo Lot number 4-3-5 Ryogoku, Sumida-ku, Tokyo Building-to-land ratio 100% (Note 2) Floor-area ratio 600%・500 % (Note 3) Land Zoning Commercial area Site area 932.40 m2 (Note 4) Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%) Completed January 2010 Structure S/SRC Number of floors 9F/B1 Use Office, bank, parking lot and machine room Building Total floor space 7,327.29 m2 (Note 5) Number of parking 26 spaces Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%) Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 6) Master lease company Hulic Co., Ltd. (anticipated) (Note 6) Appraisal value 5,742 million yen (Note 7) (Date of valuation) (February 1, 2020) Appraisal company Japan Real Estate Institute PML 5.33% (Note 8) Details of Tenant (Note 9) Total leased floor space 4,569.34 m2 (Note 10) Total leasable floor space 4,569.34 m2 (Note 10) Occupancy rate 100.0% Main tenant Undisclosed (Note 11) Total number of tenants 6 Total lease income (annualized) 280 million yen (Note 10) (Note 12) Lease and guarantee deposits 202 million yen (Note 10) (Note 13) ・Preferential negotiation rights for purchase of mutual quasi-co-ownership interests are granted to quasi-co-owners. ・The standard floor-area ratio for this property when it was newly built was Special remarks 597.41%, but the actual floor-area ratio is about 745.16%, and although this ratio conformed to legislation when it was newly built, the site area was reduced due to the sale of land for an urban planning road to expand the width of the south- facing road. As a result, the property is now an existing noncompliant building whose actual floor-area ratio exceeds the standard floor-area ratio. Notes: 1. Details are as of the anticipated acquisition date, confirmed as of March 24, 2020. 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 floor-area ratio is 600% up to 20m from the boundary between the road on the south and the road on the east and 500% exceeding 20m. 4. Based on the entry in the property registry. The actual status may differ in some cases. Moreover, the site area of the entire

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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 expected to be 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 state the quasi-co-ownership interest being acquired by Hulic Reit. 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 Asakusabashi Edo-dori (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 5,420 million yen Trustee Mizuho Trust & Banking Co., Ltd. Date trust initiated March 26, 2020 Expiration date of trust period March 31, 2030 Nearest station One-minute walk from Asakusabashi Station on Toei Subway Asakusa Line Address (domicile) 1-30-9 Asakusabashi, Taito-ku, Tokyo Lot number 1-20-5 Asakusabashi, Taito-ku, Tokyo and others Building-to-land ratio 100% (Note 2) Floor-area ratio 700% Land Zoning Commercial area Site area 777.33 m2 (Note 3) Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%) Completed September 2015 Structure S/SRC Number of floors 12F/B1 Use Apartment house, bank and clinic Building Total floor space 6,697.91 m2 (Note 4) Number of parking 21 spaces Type of ownership Proprietary ownership (quasi-co-ownership interest of 90.0%) Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 5) Master lease company Hulic Co., Ltd. (anticipated) (Note 5) Appraisal value 5,544 million yen (Note 6) (Date of valuation) (February 1, 2020) Appraisal company Japan Real Estate Institute PML 0.77% (Note 7) Details of Tenant (Note 8) Total leased floor space 3,956.73 m2 (Note 9) Total leasable floor space 3,956.73 m2 (Note 9) Occupancy rate 100.0% Main tenant COSMOS INITIA Co., Ltd. Total number of tenants 5 Total lease income (annualized) 269 million yen (Note 9) (Note 10)

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

Lease and guarantee deposits 130 million yen (Note 9) (Note 11) 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 24, 2020. 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. Moreover, the site area of the entire building is listed. 4. Based on the entry in the property registry. Moreover, the total floor space of the entire building is listed. 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 price equivalent to quasi-co-ownership interest expected to be acquired by Hulic Reit is stated. 7. The figure is based on the earthquake PML appraisal report by Sompo Risk Management Inc. 8. 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, main tenant, 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.” 9. The figures state the equivalent to quasi-co-ownership interest being acquired by Hulic Reit. 10. 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. 11. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

・Hulic Mejiro (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 5,670 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Date trust initiated March 26, 2020 Expiration date of trust period March 31, 2030 Nearest station Two-minute walk from Mejiro Station on JR Yamanote Line Address (domicile) 3-4-11 Mejiro, Toshima-ku, Tokyo Lot number 3-1116-6 Mejiro, Toshima-ku, Tokyo and others Building-to-land ratio 100% (Note 2) Floor-area ratio 500%・400 % (Note 3) Land Zoning Commercial area Site area 1,034.15 m2 (Note 4) Type of ownership Proprietary ownership Completed October 2018 Structure RC/SRC Number of floors 9F (Note5) Use Apartment house, stores, clinic and office Building Total floor space 5,281.80 m2 (Note 6) Number of parking 17 spaces Type of ownership Proprietary ownership Collateral None PM company Hulic Co., Ltd. (anticipated) (Note 7) Master lease company Hulic Co., Ltd. (anticipated) (Note 7) Appraisal value 5,810 million yen (Date of valuation) (February 1, 2020) Appraisal company Japan Real Estate Institute PML 2.08% (Note 8)

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

Details of Tenant (Note 9) Total leased floor space 3,805.72 m2 Total leasable floor space 3,805.72 m2 Occupancy rate 100.0% Main tenant Mitsubishi Real Estate Services Co., Ltd. Total number of tenants 6 Total lease income (annualized) 278 million yen (Note 10) Lease and guarantee deposits 187 million yen (Note 11) Special remarks None Notes: 1. Details are as of the anticipated acquisition date, confirmed as of March 24, 2020. 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 floor-area ratio is 500% up to 20m from the boundary the road on the northeast and 400% exceeding 20m. 4. Based on the entry in the property registry. The actual status may differ in some cases. 5. The number of floors indicated in the real estate registry for this building is “nine floors above ground,” but since this property is located on sloping land, it is actually used as a building with eight floors above ground and one floor below ground. 6. Based on the entry in the property registry. 7. 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. 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, main tenant, 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 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. 11. Total lease and guarantee deposits in each lease agreement with end-tenants are rounded to the nearest million yen.

・Hulic Tsukiji 3 Chome Building (Note 1) Specified assets category Real estate trust beneficiary rights Anticipated acquisition price 6,972 million yen Trustee Mitsubishi UFJ Trust and Banking Corporation Date trust initiated March 26, 2020 Expiration date of trust period March 31, 2030 One-minute walk from Tsukiji Station on Tokyo Metro Hibiya Line Nearest station One-minute walk from Shintomicho Station on Tokyo Metro Yurakucho Line Address (domicile) 3-3-1 Tsukiji, Chuo-ku, Tokyo Lot number 3-303-1 Tsukiji, Chuo-ku, Tokyo and others Building-to-land ratio 100% (Note 2) Floor-area ratio 700% Land Zoning Commercial area Site area 618.54 m2 (Note 3) Type of ownership Proprietary ownership Completed November 2018 Structure RC Number of floors 11F Building Use Hotel Total floor space 4,483.38 m2 (Note 4) Number of parking 14 spaces

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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 7,250 million yen (Date of valuation) (February 1, 2020) Appraisal company Japan Real Estate Institute PML 3.48% (Note 6) Details of Tenant (Note 7) Total leased floor space 4,740.31 m2 Total leasable floor space 4,740.31 m2 Occupancy rate 100.0% Main tenant HATO BUS CO., LTD. Total number of tenants 1 Total lease income (annualized) Undisclosed (Note 8) Lease and guarantee deposits Undisclosed (Note 8) Hotel operator HATO BUS CO., LTD. (Note 9) Special remarks None Notes: 1. Details are as of the anticipated acquisition date, confirmed as of March 24, 2020. 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, main tenant, 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. Rent received by the master lease company from end-tenant is fixed rent, but details are not disclosed because approval for disclosure is not acquired from such end-tenant. 9. There are no significant personal or capital relationships among Hulic Reit, Hulic Reit Management, and the hotel operator. And there are no significant personal or capital relationships among the related persons or affiliates of Hulic Reit, Hulic Reit Management, and the hotel operator. In addition, the hotel operator does not constitute a related party of Hulic Reit and Hulic Reit Management. Parties or affiliates related to the hotel operator do not constitute related parties of Hulic Reit and Hulic Reit Management.

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 December 31, 2019) Date of establishment March 26, 1957 Net assets 461,856 million yen (as of December 31, 2019) Total assets 1,776,272 million yen (as of December 31, 2019) Major shareholders and Meiji Yasuda Life Insurance Company (7.07%), Sompo Japan Nipponkoa Insurance Inc. shareholding ratios (6.57%), Tokyo Tatemono Co., Ltd. (6.22%), Fuyo General Lease Co.,Ltd. (6.04%) (as of December 31, 2019) Relationship with Hulic Reit and Hulic Reit Management Capital relationship As of today, Hulic Co., Ltd. holds approximately 10.96% of the total number of

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

investment units issued by Hulic Reit. Hulic Co., Ltd. is the parent company (100% 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 five properties (17,028 million relationship yen) (including additional acquisitions) in the fiscal period ended 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.

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 Ryogoku Building (i) Hulic Co., Ltd. Those other than a person that has (4-31-11 Ryogoku, Sumida-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 March 1998 － Hulic Asakusabashi Edo-dori (i) Hulic Co., Ltd. Those other than a person that has (1-30-9 Asakusabashi, Taito- (ii) Parent company of Hulic Reit Management special interests ku, Tokyo) (iii) Acquired with the intention of investment Omitted as the current owner/trust beneficiary － has owned the property for over a year March 1996 － Hulic Mejiro (i) Hulic Co., Ltd. Those other than a person that has (3-4-11 Mejiro, Toshima-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 March 1998 － Hulic Tsukiji 3 Chome Building (i) Hulic Co., Ltd. Those other than a person that has (3-3-1 Tsukiji, Chuo-ku, (ii) Parent company of Hulic Reit Management special interests Tokyo) (iii) Acquired with the intention of development Omitted as the current owner/trust beneficiary － has owned the property for over a year December 2015 －

6. Future outlook For the operations forecast of Hulic Reit for the period ending August 2020 (March 1, 2020 to August 31, 2020) or the period ending February 2021 (September 1, 2020 to February 28, 2021) resulting from the acquisition of the property, refer to “Notice concerning Revisions to the Forecasts of Financial Results, etc. for the Fiscal Period Ended February 29, 2020 and the Fiscal Period Ending August 31, 2020 and Announcement of Forecasts of Financial Results, etc. for the Fiscal Period Ending February 28, 2021” announced today.

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

7. Summary of Appraisal Report ・Hulic Ryogoku Building Appraisal value 5,742 million yen (Note 1) (Note 2) Appraiser Japan Real Estate Institute Date of valuation February 1, 2020 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 6,380 method and appraisal value based on DCF method handled method (Note 3) equally Appraisal value based on direct 6,490 capitalization method (1) Operating revenue 318 Estimated based on evaluation of rent levels deemed stable in Potential gross income 331 the medium and long term Estimated based on evaluation of stable occupancy rate level Losses from vacancy, etc. 13 in the medium and long term (2) Operating expenses 66 Estimated in consideration of the individual characteristics of Maintenance and management 30 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 5 the occupancy rate for rental units, etc. Estimated in reference to past results, and in consideration of future management and operation plans, expense levels for Repair expenses 3 similar real estate, and average annual repair and renewal expenses in engineering reports Tenant recruitment/solicitation Estimated based on evaluation of the assumed turnover period 2 expenses, etc. for lessees Estimated based on materials related to taxes and public dues Taxes and public dues 23 and burden adjustment measures, etc. Estimated in reference to the premium rate for similar real Insurance premium 1 estate, etc. Other expenses - (3) Net operating income 253 (NOI: (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 2 deposits investment return Estimated in consideration of capital expenditure levels for (5) Capital expenditures 8 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 247 (NCF: (3) + (4) - (5)) Estimated by adjusting the spread appropriate for the property to be examined reflecting site conditions, building conditions Cap rate 3.8% 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 6,270 method Estimated in reference to the investment yield for similar real Discount rate 3.6% estate transactions, after taking into consideration the individuality of the target real estate Estimated in reference to the investment yields of similar properties, after taking into comprehensive consideration Terminal cap rate 4.0% factors including future trends in investment yields, risks posed by the property in question as an investment, general forecasts on economic growth in the future, and trends in real

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

estate prices and rents Appraisal value based on cost method 5,710 (Note 3) Ratio of land 67.0% Ratio of building 33.0%

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 equivalent to the quasi-co-ownership interest acquired by Hulic Reit (90.0%) is indicated. 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 Asakusabashi Edo-dori Appraisal value 5,544 million yen (Note 1) (Note 2) Appraiser Japan Real Estate Institute Date of valuation February 1, 2020 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 6,160 method and appraisal value based on DCF method handled method (Note 3) equally Appraisal value based on direct 6,230 capitalization method (1) Operating revenue 309 Estimated based on evaluation of rent levels deemed stable in Potential gross income 318 the medium and long term Estimated based on evaluation of stable occupancy rate level Losses from vacancy, etc. 8 in the medium and long term (2) Operating expenses 63 Estimated in consideration of the individual characteristics of Maintenance and management 23 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 13 the occupancy rate for rental units, etc. Estimated in reference to past results, and in consideration of future management and operation plans, expense levels for Repair expenses 2 similar real estate, and average annual repair and renewal expenses in engineering reports Tenant recruitment/solicitation Estimated based on evaluation of the assumed turnover period 2 expenses, etc. for lessees Estimated based on materials related to taxes and public dues Taxes and public dues 20 and burden adjustment measures, etc. Estimated in reference to the premium rate for similar real Insurance premium 1 estate, etc. Other expenses 0 Estimated town membership fee (3) Net operating income 247 (NOI: (1) - (2))

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(4) Profit from security Estimated based on evaluation of lease deposit and 1 deposits investment return Estimated in consideration of capital expenditure levels for (5) Capital expenditures 5 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 243 (NCF: (3) + (4) - (5)) Estimated by adjusting the spread appropriate for the property to be examined reflecting site conditions, building conditions Cap rate 3.9% 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 6,080 method Estimated in reference to the investment yield for similar real Discount rate 3.6% estate transactions, after taking into consideration the individuality of the target real estate Estimated in reference to the investment yields of similar properties, after taking into comprehensive consideration factors including future trends in investment yields, risks Terminal cap rate 4.1% 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 6,040 (Note 3) Ratio of land 71.7% Ratio of building 28.3%

・Hulic Mejiro Appraisal value 5,810 million yen (Note 1) Appraiser Japan Real Estate Institute Date of valuation February 1, 2020 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 5,810 method and appraisal value based on DCF method handled method (Note 2) equally Appraisal value based on direct 5,900 capitalization method (1) Operating revenue 287 Potential gross income 294 Estimated based on evaluation of rent levels deemed stable in

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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 62 Estimated in consideration of the individual characteristics of Maintenance and management 24 the target real estate, in reference to past results, expense fee/PM fee (Note34) levels for similar real estate, etc. Estimated based on past results, after giving consideration to Utility expenses 11 the occupancy rate for rental units, etc. Estimated in reference to past results, and in consideration of future management and operation plans, expense levels for Repair expenses 1 similar real estate, and average annual repair and renewal expenses in engineering reports Tenant recruitment/solicitation Estimated based on evaluation of the assumed turnover period 2 expenses, etc. for lessees Estimated based on materials related to taxes and public dues Taxes and public dues 23 and burden adjustment measures, etc. Estimated in reference to the premium rate for similar real Insurance premium 1 estate, etc. Other expenses 0 Estimated Street maintenance fee (3) Net operating income 225 (NOI: (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 2 deposits investment return Estimated in consideration of 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 224 (NCF: (3) + (4) - (5)) Estimated by adjusting the spread appropriate for the property to be examined reflecting site conditions, building conditions Cap rate 3.8% 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 5,720 method Estimated in reference to the investment yield for similar real Discount rate 3.6% estate transactions, after taking into consideration the individuality of the target real estate Estimated in reference to the investment yields of similar properties, after taking into comprehensive consideration factors including future trends in investment yields, risks Terminal cap rate 4.0% 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 6,510 (Note 2) Ratio of land 75.7% Ratio of building 24.3%

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 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

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

and could harm unitholder interests.

・Hulic Tsukiji 3 Chome Building Appraisal value 7,250 million yen (Note 1) Appraiser Japan Real Estate Institute Date of valuation February 1, 2020 (Millions of yen) Item Breakdown Remarks Estimated with appraisal value based on direct capitalization Appraisal value based on income 7,250 method and appraisal value based on DCF method handled method (Note 2) equally Appraisal value based on direct 7,380 capitalization method (1) Operating revenue (Note 3) Not disclosed Potential gross income Not disclosed Losses from vacancy, etc. Not disclosed (2) Operating expenses (Note 3) Not disclosed Maintenance and management Not disclosed fee/PM fee Utility expenses Not disclosed Repair expenses Not disclosed Tenant recruitment/solicitation Not disclosed expenses, etc. Taxes and public dues Not disclosed Insurance premium Not disclosed Other expenses Not disclosed (3) Net operating income 269 (NOI: (1) - (2)) (4) Profit from security Estimated based on evaluation of lease deposit and 1 deposits investment return Estimated in consideration of capital expenditure levels for (5) Capital expenditures 4 similar real estate, the age of the building, and average annual repair and renewal expenses, etc. in engineering reports Net cash flow 266 (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 7,110 method Estimated in reference to the investment yield for similar real Discount rate 3.4% estate transactions, after taking into consideration the individuality of the target real estate Estimated in reference to 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 6,980 (Note 2) Ratio of land 75.4% Ratio of building 24.6%

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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. Appraisal value figures have been rounded to the nearest million yen. Note that these figures are not the revenue and expenses forecast by Hulic Reit or Hulic Reit Management. 3. Figures, and other information, for which the end tenant did not authorize disclosure, were used in this appraisal and are not disclosed as disclosure of this data could potentially damage the understanding of confidentiality with the end tenant and make it difficult to maintain lease agreements in the long term.

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) (Note 2) Hulic Ryogoku Building ERI SOLUTION CO., LTD February 2020 - 10 (Note 3) Hulic Asakusabashi Tokio Marine & Nichido February 2020 - 6 Edo-dori Risk Consulting Co., Ltd. (Note 3) Tokio Marine & Nichido Hulic Mejiro February 2020 -- 4 Risk Consulting Co., Ltd. Hulic Tsukiji 3 ERI SOLUTION CO., LTD February 2020 - 5 Chome Building 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/

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

・ Hulic Asakusabashi Edo-dori

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

・ Hulic Mejiro

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

・ Hulic Tsukiji 3 Chome Building

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

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) Minato-ku, February 7, 2014 Hulic Kamiyacho Building 55,250 15.7% March 15, 2016 Tokyo October 16, 2018 Chiyoda-ku, Hulic Kudan Building (Land) 11,100 3.2% February 7, 2014 Tokyo Minato-ku, 8,623 Toranomon First Garden 2.5% February 7, 2014 Tokyo (Note 4) Minato-ku, 6,210 February 7, 2014 Rapiros Roppongi 1.8% Tokyo (Note 4) September 16, 2016 Toshima-ku, Hulic Takadanobaba Building 3,900 1.1% February 7, 2014 Tokyo Chiyoda-ku, Hulic Kanda Building 3,780 1.1% February 7, 2014 Tokyo Chiyoda-ku, Hulic Kandabashi Building 2,500 0.7% February 7, 2014 Tokyo Chuo-ku, Hulic Kakigaracho Building 2,210 0.6% February 7, 2014 Tokyo Chiyoda-ku, 38,149 November 7, 2014 Ochanomizu Sola City 10.9% Tokyo (Note 4) October 4, 2016 Taito-ku, October 16, 2014 Hulic Higashi Ueno 1 Chome 2,678 0.8% Building Tokyo June 29, 2018

Toshima-ku, 1,580 s

e Tokyo Nishi Ikebukuro Building 0.4% March 31, 2015 i

t Tokyo (Note 4) r

e Minato-ku, December 25, 2015

op Hulic Toranomon Building 18,310 5.2%

r e

i Tokyo September 1, 2016

r l

e Shibuya-ku, a

i Hulic Shibuya 1 Chome Building 5,100 1.5% March 31, 2017

op r

r Tokyo

e p Chuo-ku,

ce Hulic Higashi Nihonbashi Building 3,480 1.0% March 31, 2017

mm i

f Tokyo

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

Tokyo okyo

T March 29, 2018 Chuo-ku, 21,080 Hulic Ginza 7 Chome Building 6.0% June 28, 2019 Tokyo (Note 4) September 27, 2019 Minato-ku, 6,100 Shinagawa Season Terrace 1.7% September 10, 2018 Tokyo (Note 4) Shinagawa-ku, Hulic Gotanda Yamate-dori Building 3,450 1.0% October 1, 2018 Tokyo Hulic Nihonbashi Honcho 1 Chome Chuo-ku, 3,980 1.1% 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 Sumida-ku, 5,610 Hulic Ryogoku Building 1.6% March 26, 2020 Tokyo (Note 4) Taito-ku, 5,420 Hulic Asakusabashi Edo-dori 1.5% March 26, 2020 Tokyo (Note 4)

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.

Subtotal - 222,615 63.3% -

Oimachi Redevelopment Building (#2) Shinagawa-ku, 9,456 2.7% February 7, 2014 Tokyo

Shinagawa-ku, 6,166 Oimachi Redevelopment Building (#1) 1.8% February 7, 2014 Tokyo (Note 4) Chiyoda-ku, Dining Square Akihabara Building 3,200 0.9% February 7, 2014 Tokyo Shibuya-ku, Hulic Jingumae Building 2,660 0.8% February 7, 2014 Tokyo Shinjuku-ku, October 16, 2014 Hulic Shinjuku 3 Chome Building Tokyo 6,690 1.9% February 13, 2020

es i

t Yokohama-shi, r

e Yokohama Yamashitacho Building 4,850 1.4% October 16, 2014

p Kanagawa

o r

p Chiyoda-ku,

l Orchid Square 3,502 1.0% March 30, 2016

i Tokyo

a t

e Setagaya-ku, R Hulic Todoroki Building 1,200 0.3% December 27, 2016 Tokyo Shinagawa-ku, Hulic Omori Building 3,420 1.0% March 31, 2017 Tokyo Shibuya-ku, 3,150 HULIC &New SHIBUYA 0.9% 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 2.1% June 29, 2018 Tokyo Toshima-ku, Hulic Mejiro 5,670 1.6% March 26, 2020 Tokyo Subtotal - 60,620 17.2% - Intermediate total - 283,235 80.6% - Setagaya-ku, Aria Matsubara 3,244 0.9% February 7, 2014 Tokyo Setagaya-ku, Trust Garden Youganomori 5,390 1.5% February 7, 2014 Tokyo

Setagaya-ku,

s Trust Garden Sakurashinmachi 2,850 0.8% February 7, 2014

e Tokyo m

o Suginami-ku, h

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

Tokyo

ng i

s Shibuya-ku, r

Plus Trust Garden Tokiwamatsu 3,030 0.9% September 1, 2016

Tokyo

s nu

e t

s Kamakura-shi, a

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

A Kanagawa

ri P

on Shinjuku-ku, i

t Charm Suite Shinjukutoyama 3,323 0.9% September 27, 2019

a Tokyo

r e

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

G Tokyo

- t

ex Subtotal - 25,577 7.3% - N Toshima-ku,

Ikebukuro Network Center 4,570 1.3% February 7, 2014 s

r Tokyo

e t

n Kita-ku,

Tabata Network Center 1,355 0.4% February 7, 2014 ce

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

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Nagano-shi, Nagano Network Center 305 0.1% February 7, 2014 Nagano Inzai-shi, Chiba Network Center 7,060 2.0% December 16, 2014 Chiba 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 5.4% - Chuo-ku, September 16, 2016 Sotetsu Fresa Inn Ginza 7 Chome 11,520 3.3% Tokyo November 1, 2017

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

Hotel Chuo-ku, Hulic Tsukiji 3 Chome Building 6,972 2.0% March 26, 2020 Tokyo Subtotal - 23,492 6.7% -

Intermediate total - 68,214 19.4% - Total of the portfolio - 351,449 100.0％ - 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.

Disclaimer: This press release is an announcement concerning the acquisition and leasing of property of Hulic Reit and was not prepared for the purpose of soliciting investment.