Notice Concerning Acquisition and Transfer of Domestic Real Estate Trust Beneficiary Rights (Acquisition of AKASAKA INTERCITY AIR (Acquisition of Additional Interest) and Aqua Town Naya-bashi, and Transfer of BIZCORE AKASAKA-MITSUKE)

February 20, 2026

Masahiro Sato, Executive Director

Asset Management Company:

Japan Excellent Asset Management, Co., Ltd.

Representative:

Osamu Inagaki, President & CEO

Contact:

Motoharu Himeno

General Manager, Corporate Planning Dept. TEL: +81-3-5412-7911

Japan Excellent, Inc. (hereinafter "JEI") hereby announces that Japan Excellent Asset Management Co., Ltd. (hereinafter "JEAM"), to which JEI entrusts asset management, made a decision today regarding the acquisition and transfer (hereinafter the "Transaction") of assets (domestic real estate trust beneficiary rights) as described below.

1. Overview of the Transaction

   1. Properties to Be Acquired

      (a) Property Name	AKASAKA INTERCITY AIR (Additional acquisition of ownership interest)	Aqua Town Naya-bashi
      (b) Property to Be Acquired	Trust beneficiary rights in real estate
      (c) Planned Acquisition Price(Note 1)	¥5,545 million	¥6,000 million
      (d) Date of Execution of Purchase Agreement	February 20, 2026
      (e) Date of Acquisition (Planned)	March 19, 2026	February 27, 2026
      (f) Seller	Nippon Steel Kowa Real Estate Co., Ltd.(Note 2)	GK Orient No. 1(Note 2)
      (g) Brokerage	None
      (h) Funding for Acquisition	Loan and funds on hand
      (i) Payment Method	Lump-sum payment upon delivery

      (Note 1) "Planned Acquisition Price" does not include consumption tax, local consumption tax or fees required for the acquisition.

      (Note 2) For details of the Seller, please refer to the section "(4) Overview of the Seller" in the item for each property in "3. Details of the Properties to Be Acquired" later in this document.

   2. Property to Be Transferred

   (a) Name of the Property to Be Transferred	BIZCORE AKASAKA-MITSUKE
   (b) Property to Be Transferred	Trust beneficiary rights in real estate
   (c) Planned Transfer Value(Note 1)	¥6,450 million
   (d) Book Value (Note 2)(Note 3)	¥6,065 million
   (e) Difference Between Planned Transfer Value and Book Value (c) - (d)(Note 2)(Note 3)(Note 4)	¥384 million
   (f) Date of Execution of Purchase Agreement	February 20, 2026
   (g) Transfer Date (planned)	July 3, 2026
   (h) Date of Receipt of Proceeds (planned)	July 3, 2026
   (i) Party Receiving Transfer	Nippon Steel Kowa Real Estate Co., Ltd.(Note 5)
   (j) Brokerage	None
   (k) Payment Method	Payment in full on the transfer date

   (Note 1) "Planned transfer value" does not include fees related to the transfer, the JEI share of the real estate tax and city planning tax, the consumption tax or the local consumption tax.

   (Note 2) Figures under one million yen are rounded down.

   (Note 3) "Book value" indicates the book value as of December 31, 2025.

   (Note 4) This is a reference figure calculated as the difference between planned transfer value and the book value as of December 31, 2025 and differs from the gain/loss on sale in accounting.

   (Note 5) An overview of the party receiving transfer is as stated in "4. Details of the Property to Be Transferred / (2) Overview of the Party Receiving Transfer" below.

2. Background of the Transaction

   AKASAKA INTERCITY AIR, which is a Property to Be Acquired, is a large-scale building with advanced specifications that is highly competitive in the Akasaka area, and because it can be expected to have greater growth in rent revenue than BIZCORE AKASAKA-MITSUKE, which will be transferred, it was determined that it would contribute to the improvement of the growth potential of the portfolio and a decision was made to replace the latter with the former property.

   Additionally, regarding Aqua Town Naya-bashi, the other Property to Be Acquired, we have decided to proceed with the acquisition to enhance our portfolio.

   For aspects that JEI recognized upon deciding the acquisition of the Properties to Be Acquired, please refer to "(1) Evaluation of the Property to Be Acquired" in each property "3. Details of the Properties to Be Acquired" below.

3. Details of the Properties to Be Acquired [AKASAKA INTERCITY AIR]

1. Evaluation of the Property to Be Acquired

   1. Location

      The Property offers excellent transportation convenience, with access to three stations and five lines, including Tameike-Sanno Station on the Tokyo Metro Ginza Line and Namboku Line (directly connected via underground passage). The Property faces Roppongi-dori and has high visibility. It is a landmark in the Akasaka area.

      Akasaka 1-chome, where the Property is located, is an international area with a concentration of embassies and foreign companies. Furthermore, the surrounding area is undergoing continuous urban redevelopment in various locations, making it an area with promising growth potential.

   2. Building and Facilities

      The Property's standard floor office space is approximately 780 tsubos and it has advanced specifications with a ceiling height of 2,850 mm, OA floor of 150 mm, LED lights, etc. In addition, it has a comfortable working environment for office workers by having a large-scale green space with an area of 5,000 m2 or more (green coverage ratio of 50% or more), conference hall and medical and childcare facilities.

      Furthermore, the Property has secured seismic performance that takes into consideration a safety factor

      1.5 times higher than that in the Building Standards Act with three types of anti-seismic devices, etc. including a technology that was put into practical use for the first time in Japan. In addition, the Property has high business continuity in case of a disaster, and even when disaster or trouble in power transmission occurs, 45VA/m2 of electricity will be supplied to the exclusive area for a maximum of 200 hours through an emergency generator adopting medium-pressure gas and heavy oil with high seismic resistance. It was certified with S rank in the CASBEE for Real Estate Certification(Note 1) in June 2024 and Platinum rank in LEED Certification(Note 2) in July 2025, making it an environmentally conscious building.

      (Note 1) CASBEE (Comprehensive Assessment System for Built Environment Efficiency) is a system for comprehensively assessing and

      ranking the environmental performance of buildings with regard to aspects such as the enhancement of environmental quality and performance including indoor comfort and consideration for the landscape, in addition to the aspect of environmental consideration such as energy-saving and the use of materials and equipment with a lower environmental burden. CASBEE for Real Estate Certification is rated in four tiers consisting of rank S, rank A, rank B+, and rank B for buildings where one year or more has elapsed since completion.

      (Note 2) LEED (Leadership in Energy and Environmental Design) is an environmental performance rating system for the built environment (architecture and urban environments) developed and operated by the U.S. Green Building Council (USGBC) and assessed for certification by Green Business Certification Inc. (GBCI). Certification is awarded at four the levels of "Platinum," "Gold," "Silver" and "Certified" based on the total points earned for evaluation indicators in each assessment category.

2. Overview of the Property to Be Acquired

   Property Name		AKASAKA INTERCITY AIR
   Type of Specified Asset(Note 1)		Trust beneficiary interest in real estate (quasi co-ownership)
   Trustee		Mitsubishi UFJ Trust and Banking Corporation
   Trust Establishment Date		August 31, 2017
   Trust Expiry Date		August 31, 2037
   Location	Lot Number(Note 2)	1-1600-1 Akasaka, Minato-ku, Tokyo
   	Address	1-8-1 Akasaka, Minato-ku, Tokyo
   Use(Note 3)		Office, retail, parking, and machine room
   Area	Land(Note 4)	16,088.32 m2
   	Building(Note 5)	176,536.75 m2

   Structure(Note 2)		S, SRC with flat roof, B3/39F
   Completion Date(Note 2)		August 31, 2017
   Building Designer		Nihon Sekkei, Inc.
   Constructor		Obayashi Corporation
   Building Certification Agency		The Building Center of Japan
   Type of Ownership(Note 6)	Land	Ownership (co-ownership)(Note 7)
   	Building	Compartmentalized ownership (co-ownership)(Note 8)
   Appraisal Value		¥5,940 million
   Appraisal Date		February 1, 2026
   Appraiser		Japan Real Estate Institute
   PML		1.9% (Based on the Building Survey Report on PMLAssessment prepared by Sompo Risk Management Inc.)
   Collateral		None
   Property Management Company		Akasaka Intercity Management Co., Ltd.(Note 9)
   Master Lease Company(Note 10)		Akasaka Intercity Management Co., Ltd.(Note 9)
   Other Relevant Information

   1. The exclusively-owned space to be acquired in the Property (hereinafter the "Exclusively-Owned Space") is held under co-ownership or quasi co-ownership by multiple right holders via trust or directly. An agreement concerning management and operation of the Exclusively-Owned Space (hereinafter the "Agreement") has been concluded with the said co-owners and quasi co-owners and leasing of the Exclusively-Owned Space and management and operation including property management have been entrusted to Nippon Steel Kowa Real Estate Co., Ltd. (hereinafter the "Executor") based on the Agreement and trust contract.

   2. In the Agreement, it is stipulated that co-owners or quasi co-owners shall, in principle, discuss with other co-owners and quasi co-owners in preference to third parties when they intend to transfer the ownership interest.

   (Note 1) The type of the Property to Be Acquired. The trust asset is the co-ownership interest in the Exclusively-Owned Space and the co-ownership interest in the site and common area corresponding to it. Quasi co-ownership indicates joint ownership of trust beneficiary interests with other beneficiaries. The quasi co-ownership interest to be acquired by JEI is 13,065,600/598,616,700. The combined ownership ratio with the existing quasi-co-ownership interest (ratio: 17,510,400/598,616,700) will be 30,576,000/598,616,700.

   (Note 2) The descriptions of "Lot Number," "Structure," and "Completion Date" are based on information in the land registry and "Structure" indicates that of the entire building.

   (Note 3) "Use" indicates only the use of the exclusively-owned space of the Property to be Acquired based on the indication on the land registry or the completion drawing. The use of the entire building including the Property to be Acquired is for office, retail, apartment, machine room, and parking, but apartment is not included in the use of the Property to be Acquired.

   (Note 4) The total area for the site of the Property indicated on the land registry is stated. (Note 5) The total floor area for the entire building indicated on the land registry is stated.

   (Note 6) "Type of Ownership" indicates the type of ownership by the trustee. "Compartmentalized ownership" means ownership of exclusively-owned spaces of a compartmentalized ownership building.

   (Note 7) JEI will hold the right of site calculated by multiplying the right of site pertaining to the Exclusively-Owned Space (993,356,000,000/1,000,000,000,000) by the total (5.096%) of the ownership interest in the exclusively-owned space to be acquired (2.1776%) and the existing ownership interest in the exclusively-owned space (2.9184%).

   (Note 8) The co-ownership interest in the Exclusively-Owned Space held by the trustee is 598,616,700/600,000,000. JEI will acquire 2.1776% of ownership interest in the Exclusively-Owned Space via trust. Together with the 2.9184% ratio of exclusively-owned space already held, it will hold 5.096% of the exclusively-owned space.

   (Note 9) The contract with the property management company and the master lease company has been concluded with Nippon Steel Kowa Real Estate Co., Ltd., the Executor.

   (Note 10) A pass-through type master lease agreement will be concluded.

3. Tenant Summary

   Leasable Floor Space(Note 1)	1,925.28 m2
   Leased Floor Space(Note 1)	1,689.41 m2
   Number of Tenants(Note 2)	1 (42)
   Monthly Rent	Not disclosed(Note 3)
   Security Deposits and Guarantees(Note 4)	Not disclosed(Note 3)
   Occupancy Rate	End of Dec. 2023	End of Jun. 2024	End of Dec. 2024	End of Jun. 2025	End of Dec. 2025
   	92.0%	96.1%	100.0%	100.0%	87.7%

   (Note 1) "Leasable Floor Space" and "Leased Floor Space" indicate the figure calculated by multiplying the "Leasable Floor Space" and "Leased Floor Space" of the exclusively-owned space to be acquired (excluding attached buildings and facilities such as storage rooms) by the co-ownership ratio to be acquired (2.1776%). The figures are rounded at the second decimal point.

   (Note 2) A master lease agreement between the master lease company and the Executor of the Property, with the master lease company as the lessee, has been concluded, and there is one tenant. The figures in parentheses represent the total number of end tenants (including subtenants) as of December 31, 2025.

   (Note 3) The figures for "Monthly Rent" and "Leaseholds and Security Deposits" are not disclosed as the consent of other co-owners on disclosure has not been obtained.

4. Overview of the Seller