September 30, 2020
FOR IMMEDIATE RELEASE
Activia Properties Inc.
21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo
Kazushi Sato
Executive Director(Code: 3279)
Asset Management Company
TLC REIT Management Inc.
Hiroyuki Tohmata
President & CEOInquiries
Kazuyuki Murayama
General Manager of Strategy Department
Activia Management Division(Tel: +81-3-6455-3377)

Notice Concerning the Change in Tenant (Partial Cancellation of Lease Agreement)(Umeda Gate Tower)
In relation to Umeda Gate Tower (the “Property”), Activia Properties Inc. (“API”) announces that it hasreceived a notice of partial cancellation of lease agreement from a tenant.
Details are as follows:

1． Overview of the change (the “Change”)(1) Name of the tenant(2) Scheduled date of cancellation(3) Lease terminated area
(4) Ratio of leased terminated area to total leasable area ofthe Property(5) Ratio of leased terminated area to total leasable area ofAPI’s portfolio(6) Monthly rent
(7) Tenant leasehold and security deposits<Reference>(1) Current leased area
(2) Ratio of current leased area to total leasable area of theProperty(3) Ratio of current leased area to total API’s portfolio

YANMAR GLOBAL EXPERT CO., LTD.
March 31, 2021
1,749.08 m2
12.8% (Note 1)
0.4% (Note 2)- (Note 3)- (Note 3)
7,870.86 m2
57.8% (Note 1)
1.8% (Note 2)(Note 1) Calculated based on the total leasable area of the Property as of the end of August 2020 (13,624.49 m2).
(Note 3) Calculated based on the total leasable area of API’s portfolio as of the end of August 2020 (425,551.96 m2).
(Note 4) Not disclosed because the tenant approval was not obtained.
(Note 5) Remaining leased area to the tenant after the Change and another partial cancellation disclosed on April 22, 2020 will be
3,498.16 m2, accounting for 0.8% of the total leasable area of API’s portfolio as of the end of August 2020.

12．Background of the Change
API received a notice of partial cancellation of lease agreement as of September 30, 2020 for twofloors from YANMAR GLOBAL EXPERT CO., LTD., a tenant of the Property.
3．Leasing status
Located in the Umeda area, the center of commerce and business in Osaka, the Property is an officebuilding with a great access from train stations. In the area where demand for office is tight, it has asuperiority in terms of scale compared with other office buildings in the vicinity, with a standard floorarea of 875m 2, and API has achieved high growth up to now both at rent revision with existing tenants
and at tenant replacement.
On April 22, 2020, API disclosed the receipt of a partial lease cancellation notice of three floors fromYANMAR GLOBAL EXPERT CO., LTD. Out of the three cancelled floors, we already concluded a leaseagreement for one floor with an existing tenant in the Property for extension of leased area, and received somerental applications for the remaining two floors. Considering as an opportunity to achieve internal growth attenant replacement, we will focus our effort on leasing activity which will lead to enhancement of ourunitholder value.
4．Outlook
The impact of this Change on API’s management performance for the fiscal period ending November
30, 2020 (the 18th period, from June 1, 2020 to November 30, 2020) and the fiscal period ending May
2021 (the 19th period, from December 1, 2020 to May 31, 2021) is minimal.

*Website of API: https://www.activia-reit.co.jp/en/2