GLP J REIT : Amendments of Articles of Incorporation and Appointment of Directors

April 13, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer:

GLP J-REIT

Representative: Yoshiyuki Miura, Executive Director

(Security Code: 3281)

Asset Management Company:

GLP Japan Advisors Inc.

Representative: Yoshiyuki Miura, PresidentContact:Shinji Yagiba, CFO

(TEL: [phone])

Amendments of Articles of Incorporation and Appointment of Directors

GLP J-REIT announces that the Board of Directors resolved at its meeting held today to place the following plan for amendments of Articles of incorporation and appointing directors on the agenda of the 9th General Meeting of Unitholders scheduled on May 19, 2022. Details are as follows.

The agenda items explained below shall take effect upon approval by the General Meeting of Unitholders stated above.

• 1. Partial Amendment of the Articles of Incorporation

• (1) The location of the head office of the Investment Corporation will be changed from Minato-ku, Tokyo, to Chiyoda-ku, Tokyo, as of the relocation date of the head office, which will be determined at the meeting of the Board of Directors of the Investment Corporation to be held by March 31, 2023 (relating to Article 3 and Article 40 of the Articles of Incorporation).

• (2) The record date of unitholders that are able to exercise their rights at general unitholders meetings convened on May 1 or later every other year thereafter without delay in accordance with the provisions of the first sentence of paragraph 1, Article 9 of the current Articles of Incorporation and other general unitholders meetings convened in accordance with the second sentence of said paragraph that are held within three months from the closing date is said closing date (relating to Article 16, paragraph 1 and paragraph 2 of the Articles of Incorporation).

• (3) The necessary changes relating to the method of asset evaluation are made following the application of the Accounting Standards for Financial Instruments (ASBJ Statement No. 10 (revised 2008) (including any accounting standards and implementation guidance newly established or revised in relation) (relating to Article 32, paragraph 1, items (6) and (8) of the Articles of Incorporation).

  In addition, words and phrases are revised and the numbers of the clauses are aligned.

For details of amendments of Articles of Incorporation, please refer to the attached "Notice of the 9th General Unitholders Meeting".

• 2. Appointment of Directors

• (1) Since the terms of office of Mr. Yoshiyuki Miura, Executive Director, and Messrs. Toraki Inoue and Kota Yamaguchi, Supervisory Directors, will be expired on May 31, 2022, GLP J-REIT proposes that one executive director and two supervisory directors be elected on June 1, 2022.

• (2) GLP J-REIT will add one supervisory director, Agasa Naito, to seek further enhancement and reinforcement of the supervisory function and proposes the election of the additional supervisory director to take office effective June 1, 2022, subjects to the two supervisory directors above be elected on June 1, 2022.

• (3) GLP J-REIT proposes that one substitute executive director, Shinji Yagiba, and one substitute supervisory director, Yutaka Kase, be elected so as to fill any potential vacancy or shortage in the number of executive directors or supervisory directors prescribed by law and regulations.

For details of the directors' appointment, please refer to the attached "Notice of the 9th General Unitholders Meeting".

• 3. Schedule of General Meeting of Unitholders

  April 13, 2022 :Board of Directors resolution in connection with the agenda to be submitted to the 9th General Meeting of Unitholders

  May 2, 2022

  • : Forwarding of the convocation notice for the 9th General Meeting of Unitholders (scheduled)

    May 19, 2022

  • : Hosting of the 9th General Meeting of Unitholders (scheduled)

• 4. Future Outlook

Since the implications of convening the General Unitholders Meeting are already incorporated into the earnings forecast, GLP J-REIT makes no change in the future outlook of earnings forecasts for the fiscal period ending August 2022 (March 1, 2022 to August 31,

• 2022) and the fiscal period ending February 2023 (September 1, 2022 to February 28,

• 2023) disclosed in "Summary of Financial Results (REIT) for the 20th Fiscal Period Ended

February 28, 2022" announced on April 13, 2022.

*GLP J-REIT website address:https://www.glpjreit.com/english/

May 2, 2022

Yoshiyuki Miura, Executive Director GLP J-REIT

Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo

To our Unitholders,

Notice of the 9th General Unitholders Meeting

You are cordially invited to the 9th General Unitholders Meeting of GLP J-REIT (hereinafter the "Investment Corporation"), to be held as outlined below.

From the perspective of preventing the spread of COVID-19, we ask you to exercise your voting rights in writing in advance to the extent possible and refrain from physically attending the Meeting, regardless of your health condition. When exercising your voting rights, please use the Voting Rights Exercise Form enclosed herewith after reading the attached Reference Documents and return the Form so that it reaches us by 6:00 p.m. on Wednesday, May 18, 2022.

Please note that GLP J-REIT stipulates a provision concerning the "Deemed Affirmative Vote" in Article 15 of the current Articles of Incorporation in accordance with the provision in Article 93, paragraph 1 of the Act on Investment Trusts and Investment Corporations (hereinafter the "Investment Trust Act") as described below. None of the proposals to be presented to the Meeting fall under the proposals stipulated in Article 15, paragraph 2 of the current Articles of Incorporation. This means that if a unitholder does not attend the Meeting and does not exercise his/her voting rights using the voting rights exercise form, the unitholder is deemed to be in favor of any proposal submitted to the Meeting (in cases where more than one proposal has been submitted and those submitted include conflicting proposals, excluding all of such conflicting proposals).

(Excerpts from the Articles of Incorporation of GLP J-REIT) Article 15 (Deemed Affirmative Vote)

• 1. If a unitholder neither attends a general unitholders meeting nor exercises voting rights, such unitholder shall be deemed to have voted affirmatively on the proposal submitted to the general unitholders meeting (in cases where more than one proposal has been submitted and those submitted include conflicting proposals, excluding all of such conflicting proposals).

• 2. Notwithstanding the preceding paragraph, the provisions of a deemed affirmative vote shall not apply to resolutions for proposals pertaining to Article 104, paragraph 1 (Dismissal of Officers or Financial Auditors), Article 140 (Revising the Articles of Incorporation) (however, such revisions are limited to the formulation, revision or

abolition of provisions related to a deemed affirmative vote), Article 143, item 3 (Dissolution), Article 205, paragraph 2 (Approval for Cancellation of Entrustment Contracts for Asset Investment) or Article 206, paragraph 1 (Cancellation of Entrustment Contracts for Asset Investment) of the Investment Trust Act.

3. The number of voting rights held by unitholders that are deemed to have voted affirmatively on the proposal pursuant to paragraph 1 shall be included in the number of voting rights held by unitholders in attendance at the general unitholders meeting.

1. Date and Time: Thursday, May 19, 2022 at 1:30 p.m.

(The reception start time is scheduled for 1:00 p.m.)

• 2. Venue: TSE Hall, 2nd Floor, Tokyo Stock Exchange, Inc.

  2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo

• 3. Purpose of the Unitholders Meeting:

  Matters to be resolved:

  Proposal 1: Partial Amendment of the Articles of Incorporation Proposal 2: Election of One (1) Executive Director

  Proposal 3: Election of One (1) Substitute Executive Director

  Proposal 4: Election of Three (3) Supervisory Directors Proposal 5: Election of One (1) Substitute Supervisory Director

- For those attending, please present the enclosed Voting Rights Exercise Form at the reception desk upon your arrival.

- You may exercise your voting rights by proxy. Your proxy must be one (1) individual selected from among unitholders who have voting rights. Your proxy is requested to present a document evidencing his/her status as proxy together with the Voting Rights Exercise Form at the reception desk.

- In light of the domestic situation regarding COVID-19, etc., we will take measures to prevent the spread of infection at the Meeting. For details, please refer to "About the response to the prevention of the spread of COVID-19" below. Please note that, depending on changes to the situation going forward, we may change the operation of the Meeting. Any changes that occur will be posted on the Investment Corporation's website(https://www.glpjreit.com/english/). Accordingly, we would like to ask you to check our website for any future changes.

- We have decided not to organize the "Asset Management Status Presentation Meeting" by our asset manager, GLP Japan Advisors Inc., which we had held after general unitholders meetings, in order to shorten your time at the meeting venue and minimize the risk of coronavirus infection. We would like to ask for your kind understanding regarding this arrangement. Information on the Investment Corporation's asset management status is available in the financial results presentation webcast and materials posted on the Investment Corporation's website(https://www.glpjreit.com/english/).

- Method of announcement of any amendment to the Reference Document for the GeneralUnitholders Meeting:

If any amendment is made to the Reference Document for the General Unitholders Meeting up to the day before the Meeting, such amendment will be posted on the Investment Corporation's website(https://www.glpjreit.com/english/).

-Please kindly note that no souvenirs are available for unitholders attending the Meeting.