Japan Excellent : Notice Concerning Acquisition of Co-ownership Interest of Domestic Real Estate Trust Beneficiary Rights (Additional Acquisition of Co-ownership Interests in GRAND FRONT OSAKA (Umekita Plaza・South Building) and GRAND FRONT OSAKA (North Building))

For Immediate Release

For Translation Purposes Only

November 6, 2023

Japan Excellent, Inc. (TSE: 8987)

Shuichiro Kayama, Executive Director

Asset Management Company:

Japan Excellent Asset Management Co., Ltd.

Representative:

Shuichiro Kayama, President

Contact:

Kazue Horikawa

General Manager, Corporate Planning Dept.

TEL: [phone]

Notice Concerning Acquisition of Co-ownership Interest of Domestic Real Estate Trust Beneficiary Rights

(AdditionalAcquisition of Co-ownership Interests in GRAND FRONT OSAKA (Umekita Plaza・South Building)

and GRAND FRONT OSAKA (North Building))

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 additional acquisition of domestic real estate trust beneficiary rights, as described below.

1. Summary of Acquisition

1. GRAND FRONT OSAKA (Umekita Plaza・South Building) (equivalent of 2.30% co-ownership)(Note1)
2. 1. Property Name: GRAND FRONT OSAKA (Umekita Plaza・South Building)
   2. Property to Be Acquired: Quasi co-ownership interest of trust beneficiary rights in real estate (Note1)
   3. Planned Acquisition Price: 4,650,000,000 yen (Note2)
   4. Planned Date of Execution of Purchase Agreement: November 7, 2023
   5. ScheduledAcquisition Date: December 8, 2023
   6. Seller: Nippon Steel Kowa Real Estate Co., Ltd. (Note3)
   7. Brokerage: None
   8. Funding for Acquisition: Debt financing, etc. and funds on hand (planned)
   9. Payment Method: Lump-sum payment upon delivery
3. GRAND FRONT OSAKA (North Building) (equivalent of 2.30% co-ownership)(Note1)
4. 1. Property Name: GRAND FRONT OSAKA (North Building)
   2. Property to Be Acquired: Quasi co-ownership interest of trust beneficiary rights in real estate (Note1)
   3. Planned Acquisition Price: 3,650,000,000 yen (Note2)
   4. Planned Date of Execution of Purchase Agreement: November 7, 2023

1

1. ScheduledAcquisition Date: December 8, 2023
2. Seller: Nippon Steel Kowa Real Estate Co., Ltd. (Note3)
3. Brokerage: None
4. Funding for Acquisition: Debt financing, etc. and funds on hand (planned)
5. Payment Method: Lump-sum payment upon delivery

(Note 1) For details, please refer to "3. Details of the Properties to BeAcquired / (2) Overview of Properties to BeAcquired" below. (Note 2) Planned Acquisition Price does not include consumption tax, local consumption tax or fees required for the acquisition.

(Note 3) For an overview of the seller, please refer to "3. Details of Properties to BeAcquired / (4) Overview of the Seller" below.

2. Background of Acquisition

JEI has promoted the qualitative improvement of its portfolio based on the asset management scope and policy stipulated in the JEI Articles of Incorporation. JEI has decided to make an additional acquisition of GRAND FRONT OSAKA (Umekita Plaza・South Building) and GRAND FRONT OSAKA(North Building) (hereinafter referred to as the "Properties") from the sponsor, Nippon Steel Kowa Real Estate Co., Ltd., for the purpose of such qualitative improvement of the portfolio and growth of distributions.

For aspects that JEI recognized upon deciding the acquisition of the properties to be acquired, please refer to "3. Details of the Properties to Be Acquired / (1) Evaluation of the Properties to Be Acquired" below.

3. Details of the Properties to Be Acquired

1. Evaluation of the Properties to Be Acquired A. Location

The Properties are directly connected to JR Osaka station by a pedestrian walkway and are accessible by three other railway stations; Hankyu Osaka-Umeda station, Hanshin Osaka-Umeda station, and Osaka Metro Midosuji Line Umeda station. The Umeda area has the largest train terminal in western Japan and the Properties are one of the landmarks in this area. In addition, "Umekita Phase 2," a redevelopment project adjacent to the Properties is underway, and the area surrounding the Properties has strong growth potential.

B. Building and Facilities

The Properties are large-scale urban complex comprised of offices, commercial facilities, and hotel. GRAND FRONT OSAKA (Umekita Plaza・South Building) has one skyscraper, Tower-A which is occupied by offices and commercial facilities. It also features the Umekita Plaza, a commercial facility near the South Building. GRAND FRONT OSAKA(North Building) is comprised of two buildings (Tower B and Tower C); these are occupied by hotel and Knowledge Capital which is a center for industry-academia collaboration in addition to offices and commercial facilities.

Office space of Tower-A is approximately 785 tsubo, approximately 820 tsubo for Tower-B, and approximately 516 tsubo for Tower-C. Ceiling height is 2,800mm and free access floor (OAfloor) is 100mm. Each building uses 60VA/m2 power outlets. With the installation of HVAC zoning system and self-ventilation system, the office environment is built for comfort and convenience.

2

In addition, the power receiving facility is equipped with three special high-voltage cables (spot network). Both skyscrapers have high performance seismic resistant structural systems as Tower-A is equipped with seismic bracing along with its oil dampers, while Tower-B is equipped with structural control dampers and buckling restraint braces.

Tenanted by over 200 (Note) restaurants, shops, and service vendors, the commercial facility boasts a large variety of stores and services.Also, the Properties hold various events to attract not only tenants but also a broad array of visitors.

The hotel section is occupied by the Intercontinental Hotels Group, one of the leading global hotel operators highly acclaimed in the world over that operates hotels in more than 60 countries and regions.

One of the most characteristic facilities is Knowledge Capital, a mixed-use facility comprised of large and small offices, salons, science laboratories, show rooms, and theatres designed to stimulate human interaction. It was established to create new businesses and industries and is a strong characteristic of the Properties.

(Note) The number of stores in the facility is as atAugust 31, 2023.

1. Overview of Properties to Be Acquired

1. GRAND FRONT OSAKA (Umekita Plaza・South Building)

	Property Name		GRAND FRONT OSAKA (Umekita Plaza • South Building)
Type of Specified Asset (Note1)	Trust beneficiary rights in real estate (quasi co-ownership interest)
	Trustee		Sumitomo Mitsui Trust Bank, Limited
Trust Establishment Date	December 12, 2014
		Lot Number (Note 2)	209 (Umekita Plaza), 207, 208 (South Building), Ofuka-cho,Kita-ku, Osaka
Location		City
		Address	4-1 (Umekita Plaza), 4-20 (South Building) Ofuka-cho,Kita-ku, Osaka City
	Use (Note 3)		Stores and parking (Umekita Plaza), Office, stores, and parking (South Building)
Site Area		Land (Note 4)	20,488.08 m2 *includes 9,917 m2 of leasable space
	Building (Note 5)	10,226.10 m2 (Umekita Plaza), 181,371.39 m2 (South Building)
				Reinforced concrete and steel-frame structure with flat roof / two floors with two
	Structure (Note 2)		underground floors (Umekita Plaza)
		Steel-frame and steel-frame reinforced concrete structure with flat roof / 38 floors
				with three underground floors (South Building)
Completion Date (Note 2)	February 2013 (Umekita Plaza), March 2013 (South Building)
Building Designer		NIKKEN SEKKEI LTD., Mitsubishi Jisho Sekkei Inc., and NTT Facilities
	(final designing includes Takenaka Corporation and Obayashi Corporation)
	Constructor		Obayashi Corporation, Takenaka Corporation
Building Certification Agency	The Building Center of Japan
Type of Ownership		Land	Ownership (co-ownership) and leased-land right (quasi co-ownership)(Note 7)
(Note 6)		Building	Ownership (co-ownership)(Note7)
	Appraisal Value		4,690,000,000 yen
	Appraisal Date		October 1, 2023

3

Appraiser	Japan Valuers Co., Ltd.
PML	3.20% (based on the Building Survey Report on PMLAssessment prepared by
Sompo Risk Management Inc.)
Collateral	None
Property Management Company (Note 8)	Undisclosed
Master Lease Company (Note 8) (Note 9)	Undisclosed
	According to the basic agreement, etc. among co-owners of the property, the
Other Relevant Information	consent of the co-owners of the property is required with regard to the transfer
of co-ownership interests held by the trustee and trust beneficiary rights held by
	JEI.

(Note 1) Indicated here is the type of the property to be acquired by JEI.

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

(Note 3) The descriptions of "Use" are based on information in the land registry.

(Note 4) Indicated here is the total site area of land for the entire site of GRAND FRONT OSAKA(Umekita Plaza・South Building) written in the land registry. Of this, 9,917 m2 is leased land. The co-ownership interest in the land and the proportion of quasi-co-ownership interests in the land lease right held by the trust trustee are 5%. Since JEI will acquire 46% of the trust beneficiary rights in real estate, it will acquire equivalent of 2.30% of the total ownership interests and land lease rights. Since JEI already owns 49% of the trust beneficiary rights in real estate, with this acquisition, it will own equivalent of 4.75% of the total ownership interests and land lease rights.

(Note 5) Indicated here is the total floor area of the entire building including Umekita Plaza and the South Building written in the land registry. The co-ownership interests in the building owned by the trust trustee are 5%. Since JEI will acquire 46% of the trust beneficiary rights in real estate, it will acquire equivalent of 2.30% of the entire building. Since JEI already owns 49% of the trust beneficiary rights in real estate, with this acquisition, it will own equivalent of 4.75% of the entire building.

(Note 6) The "Type of Ownership" indicates the type of ownership by the trustee for the property to be acquired.

(Note 7) Co-ownership interest and quasi co-ownership of leased-land right for GRAND FRONTOSAKA(Umekita Plaza・South Building) held by the trustee is both 5%.

(Note 8) Undisclosed as consent of co-owner, etc. was not obtained.

(Note 9) The type of master lease is a pass-through type.

(Note 10) With the acquisition of the Properties, JEI is scheduled to acquire restitution rights for 230,000 yen of funds concerning GRAND FRONT OSAKATMO General Incorporation Association, which runs businesses related to the revitalization of the area centering on GRAND FRONT OSAKA, the improvement of the environment and the formation of communities, from Nippon Steel Kowa Real Estate Co., Ltd. for the planned acquisition price of 230,000 yen (planned acquisition priceof GRAND FRONTOSAKA(UmekitaPlaza・SouthBuilding)indicatesthesalepriceasshown inthetransaction agreement excluding consumption tax, regional consumption tax, transaction fees and other costs and does not include the acquisition cost of the claim for the return of the fund). Furthermore, the restitution rights above may not be transferred separately from GRAND FRONT OSAKA(Umekita Plaza・ South Building) or GRAND FRONT OSAKA (North Building).

(B) GRAND FRONT OSAKA (North Building)

Property Name	GRAND FRONT OSAKA (North Building)
Type of Specified Asset (Note1)	Trust beneficiary rights in real estate (quasi co-ownership interest)
Trustee	Sumitomo Mitsui Trust Bank, Limited
Trust Establishment Date	December 12, 2014
Location	Lot Number (Note 2)	200, 203, 204, 205, 206, Ofuka-cho,Kita-ku, Osaka City
Address	3-1Ofuka-cho,Kita-ku, Osaka City
Use (Note 3)	Office, hotel, stores, and parking
Site Area	Land (Note 4)	22,680.03 m2
	290,030.59 m2
	Building (Note 5)
Structure(Note 2)	S/SRC with flat roof, B3/38F
Completion Date (Note 2)	February 2013
Building Designer	NIKKEN SEKKEI LTD., Mitsubishi Jisho Sekkei Inc., and NTT Facilities
(final designing includes Takenaka Corporation and Obayashi Corporation)

4

Constructor		Obayashi Corporation, Takenaka Corporation
Building Certification Agency	The Building Center of Japan
Type of Ownership		Land	Ownership (co-ownership)(Note7)
(Note 6)
	Building	Ownership (co-ownership)(Note7)
Appraisal Value	3,660,000,000 yen
Appraisal Date		October 1, 2023
Appraiser		Japan Valuers Co., Ltd.
PML		3.20% (based on the Building Survey Report on PMLAssessment prepared by
	Sompo Risk Management Inc.)
Collateral		None
Property Management Company (Note 8)	Undisclosed
Master Lease Company (Note 8) (Note 9)	Undisclosed
			According to the basic agreement, etc. among co-owners of the property, the
Other Relevant Information	consent of the co-owners of the property is required with regard to the transfer
of co-ownership interests held by the trustee and trust beneficiary rights held by
			JEI.

(Note 1) Indicated here is the type of the property to be acquired by JEI.

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

(Note 3) The descriptions of "Use" are based on information in the land registry.

(Note 4) Indicated here is the total site area of land for the entire site of GRAND FRONT OSAKA (North Building) written in the land registry. The co-ownership interest in the land held by the trust trustee is 5%. Since JEI will acquire 46% of the trust beneficiary rights in real estate, it will acquire equivalent of 2.30% of the total ownership interests. Since JEI already owns49%of thetrust beneficiary rights in real estate, with this acquisition, it will own equivalent of 4.75% of the total ownership interests.

(Note 5) Indicated here is the total floor area of the entire building written in the land registry. The co-ownership interests in the building owned by the trust trustee are 5%. Since JEI will acquire 46% of the trust beneficiary rights in real estate, it will acquire equivalent of 2.30% of the entire building. Since JEI already owns 49% of the trust beneficiary rights in real estate, with this acquisition, it will own equivalent of 4.75% of the entire building.

(Note 6) The "Type of Ownership" indicates the type of ownership by the trustee for the property to be acquired.

(Note 7) Co-ownership interest for GRAND FRONT OSAKA (North Building) held by the trustee is both 5%.

(Note 8) Undisclosed as consent of co-owner, etc. was not obtained.

(Note 9) Aportion of GRAND FRONT OSAKA (North Building) is leased in its entirety under a pass-through type master lease agreement and fixed-term master lease agreement.

(Note 10) Simultaneous with the acquisition of GRAND FRONT OSAKA (North Building), JEI will purchase 782 common shares of KMO Corporation (see Note 11), an entity that conducts facility management and business development for Knowledge Capital, at a purchase price of 39,100,000 yen (50,000 yen per share). In addition, JEI will acquire Nippon Steel Kowa Real Estate's right to demand restitution on Knowledge Capital's funds amounting to 2,300,000 yen at a purchase price of 2,300,000. (The purchase price of GRAND FRONT OSAKA (North Building) is as shown in the Sale & Purchase Agreement excluding consumption tax, local consumption tax, and brokerage fees, among other costs and does not include the acquisition cost of the claim for the return of the fund). The transaction is fully compliant with Article 67 Clause 15 Paragraph 1 Item 2 of the Special Taxation Measures Law. Furthermore, the aforementioned common shares and the restitution rights above may not be transferred separately from GRAND FRONT OSAKA (North Building).

(Note 11) DetailsofKMOCorporation isasshownbelow.Capital,netassetsandtotal assetsofthe most recent fiscalyearisundisclosed astheirconsentfordisclosure was not obtained.

Company Name	KMO Corporation
Location	3-1Ofuka-cho,Kita-ku, Osaka City
Title and name of representative	Masaaki Mizuhara, President
Main business activities	Knowledge Capital facility management and business development
Capital	Undisclosed
Established	April 1, 2009
Net assets and total assets of the most	Undisclosed
recent fiscal year
Shareholders	・NTT Urban Development Corporation
	・NTT Urban Development Private REIT Inc.
	・OBAYASHI CORPORATION
	・ORIX Real Estate Corporation
	・Kanden Realty & Development Co., Ltd.

5

	・Japan Excellent, Inc.
	・Japan Real Estate Investment Corporation
	・Sekisui House, Ltd.
	・Takenaka Corporation
	・Chuo-Nittochi Co., Ltd.
	・Tokyo Tatemono Co., Ltd.
	・Nippon Steel Kowa Real Estate Co., Ltd.
	・Japan Prime Realty Investment Corporation
	・Hankyu Corporation
	・Hankyu Hanshin REIT, Inc.
	・Mitsubishi Estate Co., Ltd.
	・Mitsubishi Logistics Corporation
Relationship with JEI / JEAM	Capital		JEI holds 833 common shares at present and intends to purchase 782 shares at the
	Relationship		same time as the transaction.
	Personnel		No personnel relationship exists with JEI and JEAM (as of today)
	Relationship
	Business		No business relationship exists with JEI and JEAM (as of today)
	Relationship

1. Tenant Summary

1. GRAND FRONT OSAKA (Umekita Plaza・South Building)

Number of Tenants (Note	1)	2 (267)
Yearly Rent (Note 2)		Undisclosed
Leasable Floor Space (Note 3)	(Note 4)	2,766.28 m2（2,458.68 m2）
Leased Floor Space(Note 3) (Note 4)	2,766.28 m2（2,285.38 m2）
Occupancy Rates(Note 5)	100.0% (93.0%)
Leaseholds and Security Deposits(Note 2)	Undisclosed

(Note 1) Given that GRAND FRONT OSAKA(Umekita Plaza・South Building) is leased in its entirety under a pass-through type master lease agreement, the number of tenants shown above is "2" as per the number of master lessees. The figure in brackets represents the total number of end tenants as atAugust 31, 2023.

(Note 2) Undisclosed as consent of co-owner, etc. was not obtained.

(Note 3) Figures for Leasable Floor Space and Leased Floor Space show the contracted space of master lease portions under the agreements. Figures in brackets for Leasable Floor Space show the space that is deemed leasable to end tenants as atAugust 31, 2023. Figures in brackets for Leased Floor Space show the total contracted space to end tenants. Figures above do not cover the warehouse, parking space, and machinery room.

(Note 4) Figures for Leasable Floor Space and Leased Floor Space show the floor space equivalent to 2.30% of the ownership interests of Umekita Plaza and the South Building intended to be acquired.All figures were rounded to the nearest third decimal place.

(Note 5) Figures in brackets represent the leasable space that can let to end tenants as at August 31, 2023. All figures were rounded to the nearest second decimal place.

(B) GRAND FRONT OSAKA (North Building)

Number of Tenants (Note	1)	5 (145)
Yearly Rent (Note 2)		Undisclosed
Leasable Floor Space (Note 3)	(Note 4)	4,116.37 m2（3,874.42 m2）
Leased Floor Space(Note 3) (Note 4)	4,116.37 m2（3,774.04 m2）
Occupancy Rates(Note 5)	100.0% (97.4%)
Leaseholds and Security Deposits(Note 2)	Undisclosed

(Note 1) Given that GRAND FRONT OSAKA(North Building) is leased in its entirety under a pass-through type master lease agreement and fixed term master lease agreement, the number of tenants shown above is "5" as is the number of master lessees and end tenants under direct lease. The figure in brackets represents the total number of end tenants as atAugust 31, 2023.

(Note 2) Undisclosed as consent of co-owner, etc. was not obtained.

(Note 3) Figures for Leasable Floor Space and Leased Floor Space show the contracted space of master lease portions under the agreements. Figures in brackets for Leasable Floor Space show the space that is deemed leasable to end tenants as atAugust 31, 2023. Figures in brackets for Leased Floor Space show the total contracted space to end tenants. Figures above do not cover the warehouse, parking space, and machinery room.

6

(Note 4) Figures for Leasable Floor Space and Leased Floor Space show the floor space equivalent to 2.30% of the ownership interests of the North Building intended to be acquired.All figures were rounded to the nearest third decimal place.

(Note 5) Figures in brackets represent the leasable space that can let to end tenants as at August 31, 2023. All figures were rounded to the nearest second decimal place.

(4) Overview of the Seller

Company Name	Nippon Steel Kowa Real Estate Co., Ltd.
Location	1-8-1 Akasaka, Minato-ku, Tokyo
Representative	Masahiro Miwa, President and CEO
Capital	¥19,824 million (as of March 31, 2023)
Net Assets	¥256,607 million (as of March 31, 2023)
Total Assets	¥1,119,893 million (as of March 31, 2023)
Main Business	Real estate business
Established	March 24, 1997
	Nippon Steel Kowa Real Estate Co., Ltd.
Major Shareholders	ML ESTATE Co., Ltd.
The Dai-ichi Life Insurance Company, Limited
	Nippon Life Insurance Company
		As of June 30, 2023, the seller holds 134,427 units of JEI's
		investment units (10.0% of the total number of outstanding
		investment units). The seller also holds 4,860 shares of JEAM's
		shares (54.0% of the total number of outstanding shares) and falls
		under the category of "related party" as defined in the Investment
	Capital	Trusts Act. In addition, the seller falls under the category of
	Relationship	"sponsor company" under voluntary internal regulations for
		transactions with sponsor companies (the "Regulations for
		Transactions with Sponsor
		Companies") formulated by JEAM with the aim of eliminating
		potential conflicts of interest and thereby enabling it to perform
		efficient asset management for JEI.
	Personnel	As of June 30, 2023, eight JEAM officers and employees are
Relationship with JEI/JEAM	Relationship	seconded from the Seller.
	JEI has transferred Kowa Kawasaki Nishiguchi Building to the
		seller in the fiscal period ended June 2023, acquired BIZCORE
		TSUKIJI from the seller in the fiscal period ending December
		2023, and also concluded a purchase agreement with the seller to
		acquire OSAKI BRIGHT TOWER/OSAKI BRIGHT PLAZA.
	Business	See "Notice Concerning Acquisition and Transfer of Domestic
	Relationship	Real Estate Trust Beneficiary Rights (Acquisition of BIZCORE
		TSUKIJI, Transfer of Kowa Kawasaki Nishiguchi Building and
		JEI Kyobashi Building)" dated June 29, 2023 and "Notice
		ConcerningAcquisition of Domestic Real Estate Trust Beneficiary
		Rights (OSAKI BRIGHT TOWER/OSAKI BRIGHT PLAZA)"
		dated August 17, 2023 for details.
	Status as	The seller is a related party of JEI.
	Related Party	Furthermore, it is the parent company of JEAM.

7

(5) Status of Owners of Properties

Status of Owners of Properties	Current Owner/Beneficiary	Previous Owner/Beneficiary
	Company Name	Nippon Steel Kowa Real Estate Co.,	Person other than a person with a special
		Ltd.	interest
	Relationship with JEI/JEAM	Please refer to "(4) Overview of the	－
		Seller" above.
	Background/Reasons for	Investment management purpose	－
	Acquisition
	Date of Acquisition	December 12, 2014	－
	Acquisition price	Details omitted because the Property	－
		was owned by the current owner for
		more than 1 year

1. Details of Brokerage None
2. Conflicts of Interest of JEAM Relating to the Properties to Be Acquired

Nippon Steel Kowa Real Estate Co., Ltd., which is the seller of the property to be acquired, falls under the category of "related party" as defined in the Investment Trusts Act and "sponsor company" in the "Regulations for Transactions with Sponsor Companies." Upon concluding the trust beneficiary right purchase agreement for the property to be acquired with said sponsor company, JEAM, in compliance with said Regulations, has had the transaction approved at a meeting of its Compliance Committee, which includes outside experts, and deliberated and approved at a meeting of its Investment Committee.

(8) Financial Impact on JEI if the Forward Commitment Cannot be Executed, etc.

The sales agreement falls under a "forward commitment by an investment corporation (Note)" specified in the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc. established by the Financial ServicesAgency. Furthermore, if there is a violation of the provisions of the sales agreement by JEI or the seller after the agreement is concluded, the sales agreement states that the other party may cancel the agreement and claim an amount equivalent to 20% of the sales proceeds as a penalty. JEI carefully considered the amount of funds required for acquisition of the Properties, the period until delivery and the certainty of the acquisition financing method, and has decided to make the acquisition based on the judgment that, for each of the factors considered, executing the transaction under the above conditions will contribute to the enhancement of unitholder value.

(Note) A postdated sales agreement stipulating payment and delivery of the property one month or more after conclusion of the agreement, or a similar agreement

thereto.

4. Future Forecast

Since the impact of the transaction for the operating forecasts for the fiscal periods ending December 31, 2023 (from July 1, 2023, to December 31, 2023) and ending June 30, 2024 (from January 1, 2024, to June 30, 2024) is minimal, there is no revision to the forecasts.

8

5. Appraisal Summary

Property Name		GRAND FRONT OSAKA (Umekita Plaza • South Building)
Appraisal Value		¥4,690 million
Appraiser		Japan Valuers Co., Ltd.
Appraisal Date		October 1, 2023
							(Thousands of yen (Note1))
			Appraisal Item		Appraisal Value	Remarks, etc.
Income Approach Value (Note2)	204,000,000
	Direct Capitalization Value	206,000,000
		Operating Revenue			Undisclosed
			Gross potential revenue
					(Note3)
			Vacancy Loss, etc.
		Operating Expenses
			Maintenance
			Property management
			fees
			Utilities			Undisclosed
			Repair costs
					(Note3)
			Advertisement for
			leasing, etc.
			Tax and public dues
			Insurance
			Other expenses
		Net Operating Income	7,008,151
			Interest Income			Undisclosed
						(Note3)
			Capital Expenditures	205,981	Assessed in consideration of repair and renewal costs in the engineering
			report
		Net Cash Flow	6,802,170
							Assessed by considering the discount rate plus forecasted net cash flow
		Cap Rate	3.3%	and change in selling prices, and with reference to the cap rates for
							similar properties.
	Discounted Cash Flow Value	202,000,000
							Assessed based on the method which takes into account the yield of
							financial assets plus individual characteristics of the property and the
		Discount Rate	3.1%	method which refers to the comparison with transactions of similar
		properties, and with reference to the result of the Japanese Real Estate
							Investor Survey conducted by Japan Real Estate Institute to obtain the
							opinions of real estate investors on investment decisions.
							Assessed by taking into account increasing uncertainty about the
		Terminal Cap Rate	3.5%	revenue forecast in the period after the analysis period of the property
		is over in comparison with the current revenue forecast, and possibility
							of an increase in capital expenditures due to the aged property.
Cost Approach Value (Note2)	297,190,000
	Land Value	89.4%
	Building Value	10.6%
Other matters noted by the appraiser	in	Considering that the subject real estate is real estate for rent and this case seeks a price that represents
conducting appraisal			the investment return value to be shown to investors, Income Approach Value is judged to be the
						most persuasive price.

(Note 1) Amounts are rounded down to the nearest thousand yen.

(Note 2) IncomeApproach Value and CostApproach Value represents the valuations of the entire building and the land site.

(Note 3) These figures were left undisclosed for either of the following reasons: (1) approval for disclosure was not obtained from the co-owner, or (2) JEI intentionally withheld disclosure given that the appraisal report was based on actual figures and the disclosure of those figures may adversely impact JEI's market competitiveness as well as affect unitholder interests.

9

Property Name			GRAND FRONT OSAKA (North Building)
Appraisal Value			¥3,660 million
Appraiser			Japan Valuers Co., Ltd.
Appraisal Date			October 1, 2023
								(In Thousands of yen (Note1))
			Appraisal Item			Appraisal Value	Remarks, etc.
Income Approach Value (Note2)		159,000,000
	Direct Capitalization Value		158,000,000
		Operating Revenue				Undisclosed
			Gross potential revenue
						(Note3)
			Vacancy loss, etc.
		Operating Expenses
			Maintenance
			Property management
			fees
			Utilities				Undisclosed
			Repair costs
						(Note3)
			Advertisement for leasing,
			etc.
			Tax and public dues
			Insurance
			Other expenses
		Net Operating Income		5,658,676
			Interest Income				Undisclosed
							(Note3)
			Capital Expenditures		285,949	Assessed in consideration of repair and renewal costs in the engineering
				report
		Net Cash Flow		5,372,726
								Assessed by considering the discount rate plus forecasted net cash flow
		Cap Rate		3.4%	and change in selling prices, and with reference to the cap rates for
								similar properties.
	Discounted Cash Flow Value		159,000,000
								Assessed based on the method which takes into account the yield of
								financial assets plus individual characteristics of the property and the
		Discount Rate		3.2%	method which refers to the comparison with transactions of similar
			properties, and with reference to the result of the Japanese Real Estate
								Investor Survey conducted by Japan Real Estate Institute to obtain the
								opinions of real estate investors on investment decisions.
								Assessed by taking into account increasing uncertainty about the
		Terminal Cap Rate		3.6%	revenue forecast in the period after the analysis period of the property is
			over in comparison with the current revenue forecast, and possibility of
								an increase in capital expenditures due to the aged property.
Cost Approach Value (Note2)		268,000,000
	Land Value		83.4%
	Building Value		16.6%
Other matters noted by the appraiser	in	Considering that the subject real estate is real estate for rent and this case seeks a price that represents
conducting appraisal				the investment return value to be shown to investors, Income Approach Value is judged to be the
							most persuasive price.

(Note 1) Amounts are rounded down to the nearest thousand yen.

(Note 2) IncomeApproach Value and CostApproach Value represents the valuations of the entire building and the land site.

(Note 3) These figures were left undisclosed for either of the following reasons: (1) approval for disclosure was not obtained from the co-owner, or (2) JEI intentionally withheld disclosure given that the appraisal report was based on actual figures and the disclosure of those figures may adversely impact JEI's market competitiveness as well as affect unitholder interests.

10