April 14, 2022

Provisional translation only

Fukuoka REIT Corporation
1-2-25 Sumiyoshi, Hakata Ward, Fukuoka City
Etsuo Matsuyuki
Executive Director(Securities Code: 8968)
Asset Management Company:
Fukuoka Realty Co., Ltd.
1-2-25 Sumiyoshi, Hakata Ward, Fukuoka City
Zenji Koike
President & CEO
Inquiries:
Hiroyuki Ayabe
General Manager of Finance Department
TEL: +81-(0)92-272-3900

Notice Concerning Amendment of Articles of Incorporation and Appointment of Directors
Fukuoka REIT Corporation (FRC) hereby provides that, at its board of directors meeting held today, FRC resolved thatagenda concerning the amendment of its Articles of Incorporation and the appointment of its directors be presented toits 10th General Meeting of Unitholders to be held on May 25, 2022 as follows, which items shall become effective
upon their resolution and approval at said General Meeting of Unitholders.
1． Major Contents and Rationales of Partial Amendments of Articles of Incorporation(1) In accordance with Article 93 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of1951, as amended), Article 18, Paragraph 1 of the current Articles of Incorporation stipulates that if a unitholder
does not attend a general meeting of unitholders and does not exercise voting rights, said unitholder shall bedeemed to approve the proposals (excluding proposals with conflicting objectives) presented at such meetingof unitholders (so-called “deemed approval system”). On the other hand, in light of recent discussions on
proposals by minority unitholders at real estate investment corporations, if a unitholder who has not exercised
his/her voting right for proposals that significantly affect unitholders' interests and the governance structure of
the investment corporation, that are important proposals for which submission of proposals with conflicting
purposes is difficult due to their nature, and that may cause a serious conflict of interest between unitholders
and directors or asset management companies of the investment corporation is deemed to approve suchimportant proposals by applying the above "deemed approval", there is a possibility that the proposals will beapproved without a decision based on the majority will of unitholders through careful consideration by theunitholders as a whole.
Therefore, from the perspective of the above, the Board concluded that it would be appropriate to makeamendments to the Articles of Incorporation to the effect that "deemed approval" would not be applied incases where a clear intention of opposition is expressed in advance by minority unitholders or FRC inaccordance with the prescribed procedures for the following important proposals: 1) election or dismissal of
executive or supervisory directors, 2) execution or termination of asset management agreement with the asset
manager, 3) dissolution, 4) consolidation of investment units, 5) exemption of executive directors, supervisory
directors or accounting auditors from liability, and 6) approval of absorption-type merger agreement or
consolidation-type merger agreement.
From the standpoint of fairness and impartiality, the entities that may express their opposition in advance shallbe minority unitholders who meet certain eligibility requirements and FRC. The procedural requirements fordeclaring dissenting intentions are: 1) for minority unitholders, notification to FRC (or both FRC and the- 1 -convener if the convener is someone other than the executive director or supervisory director) within a certain
period of time, and 2) for FRC, inclusion in the notice of convocation or the announcement shall be made on
the website. The provisions related to “deemed approval” are changed in accordance with necessary changes
following determination of partial non-application of “deemed approval” stated above (related to Article 18).
(2)

The referenced article is changed in accordance with the revision of the Act on Promotion of Global WarmingCountermeasures (1998 Act No. 117) (including subsequent revisions) (related to Article 31).

(3)

"Accounting Standard for Measurement of Fair Value" (ASBJ Statement No. 30) and "Accounting Standard
for Financial Instruments" (ASBJ Statement No. 10) (including related newly enacted or revised accounting
standards and guidelines, etc.), the related provisions are to be changed (related to Article 34) in association
with the change in valuation method of assets of rights concerning securities and derivative transactions.

2． Appointment of Directors
As the term of office of the executive director, Etsuo Matsuyuki, the supervisory directors, Yasuo Kawasho andTakashi Tanabe, will expire as of May 28, 2022, we submit a proposal for the appointment (incl. reappointment)of executive director, Zenji Koike, the supervisory directors, Yasuo Kawasho and Takashi Tanabe.
Also, in preparation for any vacancy in the position of executive director or any shortfall in the legally required
number of executive directors, we submit a proposal for the appointment (incl. reappointment) of the substituteexecutive director candidate, Yukitaka Ohara, and the substitute supervisory director, Yoshihide Mishima.
(For more details regarding the appointment of directors, please refer to the “Notice Concerning the 10th General Meeting ofUnitholders” attached.)

3． Schedule
April 14, 2022

The Board of Director’s approval for resolutions to be submitted to the 10th General Meeting of Unitholders

May 6, 2022

Notice of Convocation of the 10th General Meeting of Unitholders (Scheduled)

May 25, 2022

The 10th General Meeting of Unitholders (Scheduled)

Attachment “Notice Concerning the 10th General Meeting of Unitholders”*FRC’s website is https://www.fukuoka-reit.jp/en/index.html- 2 -(security code 8968)
May 6, 2022
To our unitholders
1-2-25 Sumiyoshi, Hakata ward, Fukuoka
Fukuoka REIT Corporation
Executive Director Etsuo Matsuyuki
Notice Concerning the 10th General Meeting of Unitholders
You are cordially invited to attend the 10th General Meeting of Unitholders of Fukuoka REIT Corporation (FRC). The
Meeting will be held as described below.
Unitholders may exercise their voting rights at the General Meeting of Unitholders in writing. From the viewpoint ofpreventing the spread of infection by the novel coronavirus (COVID-19), we ask that you exercise your voting rights inwriting in advance of the General Meeting of Unitholders as much as possible and refrain from attending the meetingon the day of the meeting. We ask for your understanding and cooperation in this matter. Please take the time to review
the Reference Documents for the General Meeting of Unitholders below, indicate your approval or disapproval of the
proposals in the enclosed voting form, and send it so that it arrives by 5:30 p.m. on Tuesday, May 24, 2022.

In addition, FRC established the provision of “deemed approval” in Article 18 of the current Articles of Incorporation
pursuant to Article 93.1, of the Investment Trusts and Investment Corporations Law. Accordingly, if you are unable toattend the Meeting and are unable to vote using the Voting Rights Exercise Form, please be aware that you will bedeemed as having attended and approved each agenda.
(Excerpt from FRC’s Current Articles of Incorporation)
Article 18 (Deemed Approval)
1. Unitholder non-attendance at the General Meeting of Unitholders and non-voting shall be deemed as unitholder
approval of agenda items submitted to the General Meeting of Unitholders (when multiple agenda items have been
submitted, if any are contradictory, said agenda items shall be omitted).
2. The unitholder votes deemed as having approved agenda items according to the preceding Paragraph will be added
to the votes cast by attending unitholders.
1. Date and Time
Wednesday, May 25, 2022 10:00am
2. Venue
Canal City Business Center BLDG. B1 Meeting Room
1-2-25 Sumiyoshi, Hakata Ward, Fukuoka City- 3 -

3. Agenda of the General Meeting of Unitholders
Matters for Resolution
Proposal No. 1

Partial Amendments of Articles of Incorporation

Proposal No. 2

Election of One Executive Director

Proposal No. 3

Election of Two Supervisory Directors

Proposal No. 4

Election of One Substitute Executive Director

Proposal No. 5

Election of One Substitute Supervisory Director
End◎Upon your attendance on the day, please submit the enclosed voting form to the reception at the venue.

◎If exercising voting rights by proxy, you are entitled to have one other unitholder with voting rights attend the General
Meeting of Unitholders as your proxy. Please submit a document evidencing the authority of proxy, along with thevoting form, to the reception at the venue.

◎Upon attendance, please bring this notice of convocation to help save resources.

◎In view of the COVID-19 situation in Japan, we will take preventive measures at the venue. Please see “Measures
to Prevent the Spread of COVID-19 Infection” below for more details.

◎Depending on how the situation goes, we may notify you of a postponement of the General Unitholders’ Meetingor a change of the venue on FRC’s website (https://www.fukuoka-reit.jp/en/index.html). Please check out the site
for the latest information.

◎Please note that, if the need to amend the matters to be stated in the reference documents for the General Meeting ofUnitholders arises by the day preceding the General Meeting of Unitholders, the amended matters will be posted on
FRC’s website (https://www.fukuoka-reit.jp/en/index.html).

◎The Asset Management Company decided not to hold the management status report meeting, which was scheduled

to be held after the conclusion of the unitholders' meeting, in order to strive for a meeting to prevent the spread of
COVID-19 infection at the venue.

Measures to Prevent the Spread of COVID-19 Infection
In light of the situation of infection with the COVID-19 Infection in Japan, we plan to take the following measures
to ensure the safety of our unitholders and prevent the spread of infection. We ask for the understanding and cooperationof our unitholders.
<Requests to unitholders>
・The right to vote at the General Meeting of Unitholders may also be exercised in writing. In order to ensure the safetyof unitholders and prevent the spread of infection, we request that unitholders refrain from coming to the meetingvenue as much as possible and exercise their voting rights in the enclosed voting form.
・In particular, elderly persons, persons with underlying medical conditions, and pregnant women are kindly requested
to carefully consider attending the General Meeting of Unitholders.
・Unitholders who are considering attending the General Meeting of Unitholders are requested to put the safety ofunitholders first, pay attention to the prevalence of COVID-19 Infection as of the date of the General Meeting ofUnitholders, the response status of administrative agencies, and your own health condition up to the day of the meeting,and please do not take any chances with your health. We appreciate your understanding and cooperation.
<Requests to Unitholders Attending the Meeting>・The number of seats at the venue on the day of the event is likely to be smaller than before due to plans to provide
wider seating space for unitholders. Please be advised that if seats are not available, you may not be able to enter thevenue.
・Please be advised that the directors and management staff of FRC will be wearing masks after confirming that they
are in good health.
- 4 -・We ask for your cooperation in preventing the spread of infection by using the alcohol sanitizer provided at the venue
and by wearing masks when you attend.
・We would like to ask for the cooperation of all unitholders who will be attending the meeting in taking their bodytemperature at the reception desk. Please be advised that unitholders with a fever of 37.5°C or higher at the time of
measurement or with symptoms such as coughing may be denied admission to the General Meeting of Unitholders.
Please be advised that unitholders who appear to be unwell may be asked to leave the venue or be denied admission
by the management staff.
・Due to the above measures, the reception area is expected to be crowded, so please arrive at the venue well in advance.
・In addition to the above, we may take necessary measures to maintain order at the General Meeting of Unitholders
and to prevent the spread of infection.
Please note that the above information may be updated depending on future circumstances, in which case a notice tothat effect will be posted on the FRC's website (https://www.fukuoka-reit.jp/en/index.html).

- 5 -Reference Documents for the General Meeting of Unitholders
Proposals and Reference Matters
Proposal No. 1: Partial Amendments of the Articles of Incorporation
1. Reason for Amendment(1)

In accordance with Article 93 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of1951, as amended), Article 18, Paragraph 1 of the current Articles of Incorporation stipulates that if a unitholder
does not attend a general meeting of unitholders and does not exercise voting rights, said unitholder shall bedeemed to approve the proposals (excluding proposals with conflicting objectives) presented at such meetingof unitholders (so-called “deemed approval system”). On the other hand, in light of recent discussions on
proposals by minority unitholders at real estate investment corporations, if a unitholder who has not exercised
his/her voting right for proposals that significantly affect unitholders' interests and the governance structure of
the investment corporation, that are important proposals for which submission of proposals with conflicting
purposes is difficult due to their nature, and that may cause a serious conflict of interest between unitholders
and directors or asset management companies of the investment corporation l is deemed to approve suchimportant proposals by applying the above "deemed approval", there is a possibility that the proposals will beapproved without a decision based on the majority will of unitholders through careful consideration by theunitholders as a whole.
Therefore, from the perspective of the above, the Board concluded that it would be appropriate to makeamendments to the Articles of Incorporation to the effect that "deemed approval" would not be applied incases where a clear intention of opposition is expressed in advance by minority unitholders or FRC inaccordance with the prescribed procedures for the following important proposals: 1) election or dismissal of
executive or supervisory directors, 2) execution or termination of asset management agreement with the asset
manager, 3) dissolution, 4) consolidation of investment units, 5) exemption of executive directors, supervisory
directors or accounting auditors from liability, and 6) approval of absorption-type merger agreement or
consolidation-type merger agreement.
From the standpoint of fairness and impartiality, the entities that may express their opposition in advance shallbe minority unitholders who meet certain eligibility requirements and FRC. The procedural requirements fordeclaring dissenting intentions are: 1) for minority unitholders, notification to FRC (or both FRC and theconvener if the convener is someone other than the executive director or supervisory director) within a certain
period of time, and 2) for FRC, inclusion in the notice of convocation or the announcement shall be made on
the website. The provisions related to “deemed approval” are changed in accordance with necessary changes
following determination of partial non-application of “deemed approval” stated above (related to Article 18).

(2)

The referenced article is changed in accordance with the revision of the Act on Promotion of Global WarmingCountermeasures (1998 Act No. 117) (including subsequent revisions) (related to Article 31).

(3)

"Accounting Standard for Measurement of Fair Value" (ASBJ Statement No. 30) and "Accounting Standard
for Financial Instruments" (ASBJ Statement No. 10) (including related newly enacted or revised accounting
standards and guidelines, etc.), the related provisions are to be changed (related to Article 34) in association
with the change in valuation method of assets of rights concerning securities and derivative transactions.

- 6 -2. Details of Amendment
The details of the amendment are as follows.
(The amended parts are underlined)
Current articles of incorporation

Proposed amendments

Chapter 3 General Meeting of Unitholders

Chapter 3 General Meeting of Unitholders(Deemed Approval)(Deemed Approval)

Article18 (Omitted)

Article18 (No change)

2. (Omitted)

2.(No change)

3. (Newly established)

3. The provision of Paragraph 2 above will not
be applied to the proposal if (i) the investor
who continues to hold more than 1% of thetotal number of investment units issued andoutstanding for more than six months
reports to FRC (or both FRC and theconvener if the convener is someone otherthan the executive director or supervisory
director) that he/she is against the proposal
within two weeks from the date when FRC
announces on its website that the proposalon the following items will be submitted to
the General Meeting of Unitholders or thedate when the convener announces it
through an equivalent method, whichever isearlier, or (ii) FRC states on the convocation
notice or announces on its website that it isagainst the proposal.
(1) Election or dismissal of executive or
supervisory directors(2) Execution or termination of asset
management agreement with the asset
manager(3) Dissolution(4) Consolidation of investment units(5) Exemption of executive directors,
supervisory directors or accounting
auditors from liability(6) Approval of absorption-type merger
agreement or consolidation-type merger

4. (Newly established)agreement
4.The provisions of Paragraphs 1 and 2 will
not be applied to the proposal for
amendments to Articles of Incorporation
intending to amend the Article.

Chapter 5 Asset Management

Chapter 5 Asset Management(Type, purpose and scope of assets to be(Type, purpose and scope of assets to be

managed)managed)

Article 31 (Omitted)

Article 31 (No change)

2.－4. (Omitted)

2.－4. ( No change)- 7 -5. FRC can invest in specified assets

5. FRC can invest in specified assets stipulated

stipulated in Paragraphs 2 to 4 above as wellin Paragraphs 2 to 4 above as well as thefollowing assets, if necessary, whenas the following assets, if necessary, wheninvesting in real estate, etc.
(1)-(5) (Omitted)(6) The carbon dioxide equivalent quota

investing in real estate, etc.
(1)-(5) (No change)(6) The carbon dioxide equivalent quota
based on Article 2, Paragraph 7 of thebased on Article 2, Paragraph 6 of the

Act on Promotion of Global Warming

Act on Promotion of Global WarmingCountermeasures (Law No. 117 ofCountermeasures (Law No. 117 of 1998,

1998, as amended) and other similaras amended) and other similar things orthings or emission credits (including

emission credits (including emission
credits on greenhouse gas).
(7) (Omitted)
6. (Omitted)

emission credits on greenhouse gas).
(7) (No change)
6. (No change)
Chapter 6 Asset Valuation

Chapter 6 Asset Valuation(Method of asset valuation, standard, record
date)
Article 34 The method of asset valuation of
FRC will be stipulated by type of assets undermanagement as follows.
(1)-(3) (Omitted)(4) Securities stipulated in Article 31,
Paragraph 4, Items 3 to 11 and Items 14 and15
If there is a market price for the securities, it
shall be evaluated with the value based on
the market price. If there is no market price,
the reasonably calculated value shall beused.
(5) (Omitted)(6) Rights pertaining to derivativetransactions stipulated in Article 31,
Paragraph 4, Item 13
The claims and debts generated fromderivative transactions listed on the
Financial Instruments Exchange shall be
evaluated with the final price on the
Financial Instruments Exchange(closing price, indicative price if there isno closing price (the lowest asked price(Method of asset valuation, standard, record
date)
Article 34 The method of asset valuation of
FRC will be stipulated by type of assets undermanagement as follows.
(1)-(3) (No change)(4) Securities stipulated in Article 31,
Paragraph 4, Items 3 to 11 and Items 14
and 15
If there is a market price for the securities, it
shall be evaluated with the value based on themarket price. If there is no market price, shareswith no market price, etc. shall be evaluatedwith the acquisition cost.
(5) (No change)(6) Rights pertaining to derivative transactions
stipulated in Article 31, Paragraph 4, Item
13
The claims and debts generated fromderivative transactions shall be evaluatedwith the market value. Moreover, special
treatment can be applied to those thatsatisfy the requirements of special
treatment based on the accounting
standards for financial instruments.

or highest bid price announced, or the
middle price if both of them have beenannounced)). The final priceimmediately before the day shall be used
if there is no final price on that day. The
claims and debts generated from unlisted- 8 -derivative transactions with no market
price on the Financial Instruments
Exchange shall be the reasonably
calculated value as being equivalent to
the market price if such value can beobtained. Deliverable transactions
whose fair appraisal value is deemed to
be extremely difficult to calculate shallbe evaluated with the acquisition price.
Moreover, special treatment can beapplied to those that satisfy therequirements of special treatment basedon the accounting standards for financial
instruments.
(7) (Omitted)(7) (No change)

2. (Omitted)

2. (No change)

3. (Omitted)

3. (No change)- 9 -Proposal No. 2

Election of One Executive Director

As the term of office of the executive director, Etsuo Matsuyuki, will expire as of May 28, 2022, the election of one
executive director, effective May 29, 2022, is requested. Pursuant to the provisions of Article 23 of the Articles ofIncorporation, the term of office of the executive director to be elected based on this proposal shall be two years fromMay 29, 2022.
This proposal concerning the election of an executive director is submitted with the unanimous consent of thesupervisory directors at the meeting of the Board of Directors held on April 14, 2022.
The executive director candidate is as follows:
Name(Date of birth)

Career Summary
Apr. 1988
Aug. 1991
Apr. 2009
Aug. 2011

Joined Fukuoka SOGO Bank (currently The Nishi-Nippon City Bank, Ltd.)
Joined Fukuoka Jisho Co., Ltd.
Appointed as General Manager of Regional Development Division
Appointed as Deputy General Manager of Retail Business Group Canal City
Hakata Business Division
June 2012 Appointed as General Manager of Office of the President and General Manager
of Administration Division
June 2013 Appointed as Executive Officer and General Manager of the Office of the
President
Zenji Koike
Appointed as Chairman of Canal Entertainment Works Co., Ltd. (currently FJ
Aug.
2013
(Oct. 11, 1962)
Entertainment Works Co., Ltd.)
Aug. 2015 Appointed as Executive Officer of Head Office of Fukuoka Jisho Co., Ltd.
June 2017 Appointed as Senior Executive Officer
Appointed as Chairman of Sunlife Co., Ltd.
Appointed as Corporate Auditor of Kyushu Leasing Service Co., Ltd.
Oct. 2020 Appointed as Corporate Auditor of Bika Co., Ltd.
June 2021 Joined Fukuoka Realty Co., Ltd.
Appointed as Advisor
Appointed as President & CEO (current position)
・Zenji Koike, the candidate for executive director, also serves as the President & CEO of Fukuoka Realty Co., Ltd.
with which FRC has concluded an asset management consignment agreement.
・Special interest with FRC:

Not applicable except for the holding of concurrent post

・Ownership status of FRC’s Investment units: Not applicable
・FRC has concluded a directors’ liability insurance agreement with an insurance company as stipulated in Article 1163, paragraph (1) of the Act on Investment Trusts and Investment Corporations. The insurance policy will cover all orpart of the damages incurred by the executive director in the event that he/she is held liable for the execution of
his/her duties as an executive director or receives a claim for damages in connection with his/her duties as an
executive director. If the above candidate for executive director is approved, he/she will be included as insured under
the policy. The insurance policy will be renewed with the same terms and conditions at the next renewal of the policy.

- 10 -

Proposal No. 3

Election of Two Supervisory Directors

As the term of office of the supervisory directors, Yasuo Kawasho and Takashi Tanabe, will expire as of May 28, 2022,
the election of two supervisory directors, effective May 29, 2022, is requested. Pursuant to the provisions of Article
23 of the Articles of Incorporation, the term of office of the supervisory directors to be elected based on this proposal
shall be two years from May 29, 2022.
The supervisory director candidates are as follows:No

Name(Date of birth)

Career Summary
Aug. 1980

Registered as Certified Public Accountant and Certified Tax
Accountant

Jan. 1981
１

Yasuo Kawasho(Jan. 11, 1947)

Dec. 1987
Feb. 1993

Opened Kawasho Authorize Accountant Office (current position)
Opened Creative Management Consultants Co., Ltd. (current position)
Opened Fukuoka Jinji Kenkyusyo Co., Ltd. (currently KawaSho Jinji
Kenkyusyo Co., Ltd. (current position)

May 2016

Appointed as Supervisory Director, Fukuoka REIT Corporation

June 2016

Appointed as Auditor, Business One Holdings, Inc. (current position)(current position)

Oct. 2000

Registered as a lawyer

June 2004

Member of the Fukuoka Realty Co., Ltd. Compliance CommitteeJan. 2010

Representative attorney at law at Tanabe Law Office (current position)

Oct. 2013

Civil Conciliation Officer, Summary Court of Fukuoka (part-time
public officer)

2

Takashi Tanabe(Apr. 15, 1961)

Apr. 2016

Representative Attorney, Fukuoka City Labor Consultation Center(current position)

June 2016

New Nippon Pharmaceutical Co., Ltd. (current position)

Sep. 2018

Director, Substitute Member of the Audit and Supervisory Committee,
Platz Co., Ltd. (current position)

May 2020

Appointed as Supervisory Director, Fukuoka REIT Corporation(current Position)

・Special interest with FRC:

Not applicable・Ownership status of FRC’s Investment units: Not applicable
・FRC has concluded a directors’ liability insurance agreement with an insurance company as stipulated in Article 1163, paragraph (1) of the Act on Investment Trusts and Investment Corporations. The insurance policy will cover all orpart of the damages incurred by the supervisory director in the event that he/she is held liable for the execution of
his/her duties as a supervisory director or receives a claim for damages in connection with his/her duties as asupervisory director. Each of the above candidates for supervisory director is included as insured under the policy
and will continue to be included as insured under the policy if reappointment is approved. In addition, the insurance
policy will be renewed with the same terms and conditions at the next renewal of said policy.

- 11 -

Proposal No. 4

Election of One Substitute Executive Director

In preparation for any vacancy in the position of executive director or any shortfall in the legally required number of
executive directors, the election of one substitute executive director is requested. The period that the resolution
pertaining to the election of a substitute executive director based on this proposal remains in force shall be two years
from May 29, 2022, which is the date of appointment of the executive director in Proposal No. 2.
This proposal concerning the election of a substitute executive director is submitted with the unanimous consent of
the supervisory directors at the meeting of the Board of Directors held on April 14, 2022.
The substitute executive director candidate is as follows:
Name(Date of birth)

Career Summary
Apr. 1997
Jan. 2004

Joined The Industrial Bank of Japan, Limited (currently Mizho Bank, Ltd.)
Joined Fukuoka Realty Co., Ltd.
Appointed as Head of Aquisition Office of Investment Department
Apr. 2005 Appointed as Senior Manager of Investment Department
Oct. 2007 Appointed as General Manager of Investment Department
June 2013 Appointed as General Manager of Planning Department
Feb. 2015 Seconded to Fukuoka Jisho Co., Ltd.
Appointed as Deputy General Manager of Building Business Division
June 2017 Appointed as Executive Officer
Appointed as Vice President of Kitakyushu Murasakigawa Development Co.,
Ltd. (current position)
Mar. 2019 Appointed as Vice President of Walk Asset Management Co., Ltd. (current
position)
Yukitaka Ohara(Nov. 20, 1973)
June 2020 Appointed as Senior Executive Officer of Fukuoka Jisho Co., Ltd. (current
position)
Appointed as Vice President of Nishinippon Fudousan Kaihatsu Co., Ltd.
(current position)
Aug. 2020 Appointed as Vice President of FJ Asset Management Co., Ltd. (current
position)
June 2021 Appointed as Vice President Board of Directors of Fukuoka Realty Co., Ltd.
(current position)
Appointed as Corporate Auditor of Kyushu Leasing Service Co., Ltd. (current
position)
Feb. 2022 Appointed as Vice President of FJ Logi Co., Ltd. (current position)
Mar. 2022 Appointed as Vice President of FJ Business Solutions Co., Ltd. (current
position)・The candidate for substitute executive director, Yukitaka Ohara, concurrently serves as a Senior Executive Officer of
Fukuoka Jisho Co., Ltd., which is an interested party of FRC, and a Vice President Board of Directors of Fukuoka
Realty Co., Ltd., the asset manager of FRC.
・Special interest with FRC:

Not applicable except for the holding of concurrent posts

・Ownership status of FRC’s Investment units: 23 units (as of February 28, 2022)
・FRC has concluded a directors’ liability insurance agreement with an insurance company as stipulated in Article 1163, paragraph (1) of the Act on Investment Trusts and Investment Corporations. The insurance policy will cover all orpart of the damages incurred by the executive director in the event that he/she is held liable for the execution of
his/her duties as an executive director or receives a claim for damages in connection with his/her duties as an
executive director. If the above candidate for substitute executive director is appointed as executive director, he/shewill be included as insured under the relevant insurance policy. The insurance policy will be renewed with the sameterms and conditions at the next renewal of the policy.

- 12 -

Proposal No. 5

Election of One Substitute Supervisory Director

In preparation for any vacancy in the position of supervisory director or any shortfall in the legally required numberof supervisory directors, the election of one substitute supervisory director is requested. The period that the resolution
pertaining to the election of a substitute supervisory director based on this proposal remains in force shall be two years
from May 29, 2022, which is the date of appointment of the supervisory director in Proposal No. 3.
The substitute supervisory director candidate is as follows:
Name(Date of birth)

Career Summary
Oct. 1994
Aug. 1998
Nov. 1999

YoshihideMishima(Apr.12, 1969)

May 2000
May 2007
Aug. 2007
June 2009
June 2010
Oct. 2011
June 2020・Special interest with FRC:

Joined Century Audit Corporation (currently Ernst & Young ShinNihon LLC)
Joined Arthur Andersen & Koichi Uno Tax Accountant Office (currently KPMG
Tax Corporation)
Joined Yamada & Partners Accounting Office (currently Grant Thornton Yamada& Partners)
Registered as certified public accountant
Opened Yoshihide Mishima CPA Office (current position)
Registered as tax accountant
Appointed as Auditor, JALCO Co., Ltd.
Appointed as Director, JALCO Co., Ltd.
Appointed as Director, JALCO Holding Inc.
Appointed as Corporate Auditor of SHIN-IDEMITSU Co., Ltd. (current position)
Not applicable・Ownership status of FRC’s Investment units: Not applicable
・FRC has concluded a directors’ liability insurance agreement with an insurance company as stipulated in Article 1163, paragraph (1) of the Act on Investment Trusts and Investment Corporations. The insurance policy will cover all orpart of the damages incurred by the supervisory director in the event that he/she is held liable for the execution of
his/her duties as a supervisory director or receives a claim for damages in connection with his/her duties as asupervisory director. If the above candidate for substitute supervisory director is appointed as supervisory director,
he/she will be included as insured under the relevant insurance policy. In addition, the insurance policy will berenewed with the same terms and conditions at the next renewal of said policy.
<Reference Matters>
When there are conflicting proposals among the proposals submitted to the General Meeting of Unitholders, theprovisions of “deemed votes in favor” provided in Article 93, Paragraph 1 of the Act on Investment Trusts andInvestment Corporations and Article 18 of FRC’s current Articles of Incorporation shall not apply to any of suchproposals. None of the proposals of Proposal No. 1 through Proposal No. 5 above fall under the category of
conflicting proposals.

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