June 3, 2019
FOR IMMEDIATE RELEASE
Activia Properties Inc.
1-1 Minami-Aoyama 1-chome, Minato-ku, Tokyo
Kazuyuki Murayama
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: +81-3-6804-5671)

Notice Concerning Change in Specified Related Corporation
Activia Properties Inc. (“API”) announces a change in a specified related corporation of TLC REITManagement Inc. (“TRM”), to which API entrusts its asset management. Details are as follows:1.

Reason for the change
The total amount paid to SPADE HOUSE Limited Liability Company by API for acquisition of trust beneficiaryinterests in real estate, etc. (real estate, real estate leasehold rights and surface rights being herein collectively referred to asreal estate, etc.) (“Trust Beneficiary Interest In Real Estate, Etc.”) in the past three years from the last day of the fiscal
period ended May 31, 2019 (the 15th fiscal period from December 1, 2018 through May 31, 2019) was equivalent to 20%
or more of the total amount paid or received by API for acquisition or transfer of real estate, etc. and Trust BeneficiaryInterests In Real Estates, Etc. during the said period.
Thus, SPADE HOUSE Limited Liability Company falls into “specified related corporation” (corporation engaged in thetransactions set forth in Article 29-3, Paragraph 3, Item 2 of the Order for Enforcement of the Financial Instruments andExchange Act) as of June 1, 2019.
2.

Overview of the specified related corporation
NameSPADE HOUSE Limited Liability Company

Address

Nihonbashi 1-chome Building, 4-1, Nihonbashi 1-chome, Chuo-ku,TokyoManagementAkira SugaiAmount of capital¥1 million (as of March 31, 2019)

Establishment

September 12, 2007

Net Assets- (Note)Total Assets- (Note)Major Shareholder- (Note)Business Description

1. Acquisition, possession and disposition of real estate trust
beneficiary interests
2. Acquisition, development, possession, disposition, leasing andmanagement of real estate
3. Acquisition, possession and disposition of shares and interests ofcorporations of which the purpose is related to each item listedabove
4. Any other related businesses to each item listed above
Relationships with API and TRM
Capital relationship

SPADE HOUSE Limited Liability Company is a SPC, in which Tokyu
Land Corporation, the 100% parent company of TRM, holds
anonymous association (tokumei kumiai) interests.

Personnel relationship

NoneBusiness relationship

SPADE HOUSE Limited Liability Company is the seller of the trust
beneficiary co-ownership interest (30%) in Tokyu Plaza Ginza (Land)
which API holds as of today.

Related party status

SPADE HOUSE Limited Liability Company is not a related party ofAPI, but is a related party of TRM under TRM’s internal rules andthe Act on Investment Trusts and Investment Corporations.

(Note) Not disclosed because the permission of the specified related corporation was not obtained.
3.

Outlook
There is no impact of the change on the management performance of API for the fiscal period ending November 30,

2019 (the 16th fiscal period, from June 1, 2019 to November 30, 2019).

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